NAD - NAD: Recent Sell-Off Looks Like A Buying Opportunity To Me

• The muni market, including NAD, has been facing some weakness. I would use that as an opportunity to build to positions.
• Duration risk in the sector is high, so rising inflation metrics do have me concerned about total return. This is why I would time my purchases very carefully.
• Credit risk, especially in the investment grade realm, remains very limited. Municipal tax receipts recovered quickly since the first half of 2020, and I see minimal defaults going forward.
• The calls for higher tax rates remain an important tailwind, although there are other legislative actions that could mitigate this impact.

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