3-15 Year National Municipal Bond
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
Portfolio Managers
Dawn Mangerson
Portfolio Manager, Head of Municipal Portfolio Management
Pramila Agrawal, PhD, CFA
Portfolio Manager, Head of Custom Income Strategies
About the Team
Seeking attractive relative value within the investment grade municipal bond universe through a disciplined, research driven and risk-manage…
Investment Strategy
- The Municipal Bond team follows a disciplined, research-driven, risk-managed process to identify attractive relative value within the investment grade municipal universe
- Portfolio managers and credit research analysts select securities based on a rigorous internal quantitative and qualitative review. Security selection seeks to exploit sector, state and individual security relative value opportunities
- Interest rate risk is managed by targeting duration exposure within close proximity to the benchmark
- The maturity structure is actively adjusted relative to the benchmark to take advantage of current and anticipated changes to the shape of the yield curve
- Tax implications, including tax loss harvesting can play an integral role in the relative value analysis conducted to evaluate investment alternatives
- Typical Portfolio Construction
- Typical range of maturities: 2 – 17 Years
- Typical average duration: 5 – 6 Years
- Credit Quality: Investment Grade, Average of AA+
- Sectors: Core Municipal, Opportunistic Taxable (<20%)
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 2.79% | 2.71% | 2.71% |
| Year-To-Date | 2.76% | 2.52% | 3.77% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 2.05% | 1.72% | 2.57% |
| 3 Years | 4.52% | 4.19% | 4.60% |
| 5 Years | 1.06% | 0.74% | 1.10% |
| 10 Years | 2.28% | 1.95% | 2.31% |
| Since 9/1/2005 | 3.39% | 3.02% | 3.40% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 1.52% | 1.20% | 0.71% |
| 2023 | 5.50% | 5.17% | 5.44% |
| 2022 | -6.19% | -6.49% | -6.42% |
| 2021 | 0.75% | 0.43% | 0.93% |
| 2020 | 5.15% | 4.82% | 5.04% |
| 2019 | 6.75% | 6.41% | 6.83% |
| 2018 | 1.21% | 0.89% | 1.54% |
| 2017 | 4.43% | 4.10% | 4.76% |
| 2016 | 0.31% | -0.01% | -0.05% |
| 2015 | 2.94% | 2.53% | 3.06% |
Documents
Important Disclosures
Performance data shown represents past performance and is no guarantee of future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
KEY RISKS: Credit Risk, Issuer Risk, Interest Rate Risk, Liquidity Risk, Prepayment Risk and Extension Risk. Investing involves risk including possible loss of principal.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Investment vehicles may not be available to all investors and are subject to eligibility.
This information is not intended to provide tax, legal, insurance, or investment advice. Please seek appropriate professional expertise for your needs.
The Composite includes all discretionary accounts with market values of at least $5 million managed by Loomis Sayles with guidelines prescribing investment in primarily U.S. Dollar denominated municipal bonds with target duration of 4.5 to 6.5 years and has a benchmark of the Bloomberg 3 to 15 Year National Municipal Bond Index and/or a laddered benchmark with exposure to longer maturity bonds (greater than 12 years). The Composite inception date is September 1, 2005. The Composite was created in April 2006