Municipal Bond sTRATEGIES

Our Latest Thinking

Explore our latest insights and commentaries on the municipal bond space

global fixed income macroeconomic and sector views

COVID-19 Disrupts Municipalities–Will Taxing Millionaires Accelerate Outmigration?

Jennifer Johnston, Director of Research, Muni Bonds, and Ben Barber, Director, Muni Bonds, evaluate the impact of COVID-19 on the largest state budgets, and what it means for municipalities in the year ahead. Read the full topic paper.

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Our Approach

Active Research Matters

An active, research-driven approach is critical given the vast size, nuance and complexity of the municipal market. Our deep team of research analysts conducts comprehensive analysis of every opportunity across all sectors in the municipal bond universe, covering the quality spectrum in both primary and secondary markets.

Seek Relative Value Opportunities

We seek to identify and capture attractive relative value opportunities by carefully analyzing and managing yield curve positioning, credit spreads and coupon and call structures to help deliver tax-efficient portfolios, while aiming to provide attractive risk-adjusted returns.

Emphasis on Risk Management

Our team places a premium on risk management which is incorporated fully within our deep credit research process, portfolio construction process and with an independent risk management team, enabling us to better understand, quantify and optimize where we allocate risk across our portfolios.

Experience and Expertise

With more than 40 years of municipal bond investing experience and a seasoned team of over 30 investment professionals, we have one of the largest and most tenured teams in the industry.

Insights

Our Offering

Franklin Templeton is one of the largest municipal managers in the nation.
Over 30 tax-free strategies cover all geographies and the full credit quality spectrum and are available through mutual funds, ETFs and SMAs.

State Specific Muni Strategies

STATE

Federal Muni Strategies

  1. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable.
  2. Source: Bloomberg. (Bloomberg Barclays Municipal Index, Bloomberg Barclays US Treasury Index, Bloomberg Barclays US Aggregate Index, Bloomberg Barclays US MBS Index, Bloomberg Barclays US Corporate Index). Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. See franklintempleton.com/datasources for additional data provider information. The yield to worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. The tax-equivalent yield is used by investors to compare taxable and tax-exempt securities after accounting for federal taxes (excluding AMT). For this comparison, we used the tax rate of 40.80%.
  3. Source: Moody’s Corporation. Most recent annual data available.
  4. Municipal Bonds are represented by Bloomberg Barclays Municipal Bond Index, US Stocks are represented by S&P 500 Index, Commodities are represented by Bloomberg Commodity Index, US Corporate Bonds are represented by Bloomberg Barclay US Corporate Bond Index, US Treasuries are represented by Bloomberg Barclays US Treasury Index, US Bonds represented by the Bloomberg Barclays US Aggregate Bond Index.
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