Medium (10 Year) Municipal Bond Managed Account

Overview

The Medium (10 Year) Municipal Bond Managed Account strategy seeks to provide a high level of tax-free income, after-tax return, and a lower level of price volatility than long-term bonds

Portfolio Management

Dawn Mangerson
Pramila Agrawal

Primary Benchmark

Bloomberg Managed Money Intermediate Bond Index

Strategy Facts

Strategy Inception: 9/1/1991
Composite Inception: 4/1/1995

Strategy Highlights

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: 1 – 17 Years

Typical average duration: 5.5 – 6.5 Years

Credit Quality: Investment Grade, Average of AA+

Sectors: Core Municipal

Effective 9/30/2019, the Medium Municipal SMA composite name was changed to Medium (10 Year) Municipal Bond Managed Account composite. The Composite includes all discretionary Managed Accounts (Wrap/Bundled Fee) managed by Loomis Sayles with guidelines prescribing investment in primarily U.S. Dollar denominated municipal bonds with target duration of 6 to 8 years and has a benchmark of the Bloomberg Managed Money Intermediate Bond Index or similar index which reflect the Composite investment strategy and duration target. Taxable securities may comprise a portion of the portfolio’s investment allocation, typically less than 25%. The Composite inception date is February 1, 2005. The composite was created in 2005.

Performance

Year-to-Date Performance as of 3/24/2023

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Gross Expense Ratio: (I) NA; Net Expense Ratio: (I) NA

Lipper Ranking as of -1/-1/-1


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Morningstar Ranking as of -1/-1/-1


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Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.

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Monthly Characteristics

Quarterly Characteristics

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