National Intermediate (5 Year) Municipal Bond Managed Account
The National Intermediate (5 Year) Municipal Bond Managed Account strategy seeks to provide capital stability, tax-free income, and low to moderate interest rate volatility
Portfolio Management
Dawn Mangerson
Pramila Agrawal
Primary Benchmark
Bloomberg Managed Money Short/Intermediate Bond Index
Strategy Facts
Strategy Inception: 1/1/2011
Composite Inception: 1/1/2011
Strategy Highlights
- The Municipal Bond team follows a disciplined, research-driven, risk-managed process to seek 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 – 10 Years
- Typical average duration: 4.25 – 4.75 Years
- Credit Quality: Investment Grade, Average AA
- Sectors: Core Municipal
The Composite includes all discretionary Managed Accounts (Wrap/Bundled Fee) managed by Loomis Sayles with guidelines prescribing investment in primarily municipal bonds which provide current income exempt from regular federal income tax, with a target duration of 3 to 6 years and has a benchmark of the Bloomberg Managed Money Short/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 January 1, 2011. The Composite was created in 2021.
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Year-to-Date Performance as of 3/24/2023 Month-End Performance as of -1/-1/-1 Cumulative
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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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