Credit research and trading strategies can impact performance. Read more...
With over 50,000 bonds in the municipal bond index, true passive investing is an inexact science at best in the municipal market.
While still a small part of the municipal market, passively managed muni portfolios—including exchange‑traded funds—that have attempted to replicate the characteristics of the municipal benchmark grew rapidly in 2018.
We believe investors are better served with actively managed portfolios that take full advantage of credit research and efficient trading across the broader market.