- As Treasury yields trended higher, we saw continued outperformance in taxable municipals as spreads continued to tighten.
- At the end of last year, we started selling some of our longer maturities, with an emphasis on corporates as their spreads tightened faster than taxable municipals did.
- Going forward, we will continue to structure portfolios defensively, as it is our belief that Treasury yields will continue to trend higher as COVID-19 vaccinations are opened up to younger age groups.
For further details see:
Total Return Taxable Fixed Income - 1st Quarter Review