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Municipal bankruptcies highlight the need for solid bond research

Key Points

  • Despite recent headlines, municipal bankruptcies are rare and expected to remain so
  • We believe high-quality municipal bonds continue to offer value—particularly to high-income earners—because of their tax-exempt status
  • Our research-intensive investing approach has helped our managers to steer clear of troubled municipal debt issues in client portfolios
  • Local government challenges demonstrate the importance of active management and professional research when investing in this area of the market

Quarterly Commentary

Q4 2013

Click here to read the Winter 2014 issue of our Quarterly Insights publication, which contains our annual Investment Roundtable and a number of articles on timely investment and wealth planning topics.