NMCO - Gauging The Top Muni CEF Managers

• Allocating to municipal bonds can be a fraught proposition of having to choose duration, credit quality, investment vehicle and other investment characteristics.
• This is why many investors short-circuit this process by choosing CEFs of a fund company they are familiar with.
• We take a look at how the different tax-exempt muni CEF managers have fared over various time frames.
• We find PIMCO and Nuveen CEFs have typically outperformed the broader sector over the last 5-7 years despite having an off 2020.
• Part of their success has depended on running funds at an elevated leverage level or tilting to higher-yielding bonds.

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