Active Management Will Drive Muni Returns in 2024

Value being restored in municipals

  • Municipal bonds deviated from U.S. fixed income assets and posted negative performance in May.
  • Issuance remained robust and increasingly pressured the market late in the month.
  • We have started to selectively add duration but see several reasons to remain patient.

Municipal and Treasury yield movements


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Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to for most recent month-end performance.