Summary
- Munis have been one of the best-performing asset classes this year while providing that downside protection that we expect from one of the safest asset classes.
- Portfolio construction is very important to us, so understanding the risks of each position and how it relates to the portfolio as a whole is extremely critical.
- Our analysis goes well beyond looking for negative z-scores or the highest yielding funds which most retail investors in the space use as deciding factors.
- We have a muni-only Core Income Portfolio that shows our Top Conviction funds – those that have the characteristics mentioned in this report that are most favorable.
Seeking Alpha
Jun. 21, 2019 8:00 AM ET