Insights

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Insights

Investing

December 2024 Market Commentary

Reversing November’s trend, Treasury yields for maturities beyond 1 year increased. Bond market volatility expectations ended the year higher but remained below the 200-day moving average in 2024.

Municipal

2025 Municipal Market Outlook

January 6, 2025 - Adam Stern

The municipal bond market enters 2025 with strong but ebbing credit fundamentals, the potential for rising Municipal/Treasury ratios driven by increased issuance and weaker demand due to policy uncertainty, and tight credit spreads.

Municipal

Heating Up: The Muni Market Inches Closer To Pricing Climate Risk

November 21, 2024 - Adam Stern, Erika Smull

Extreme and damaging weather events traceable to climate change cost the U.S. economy almost $150 billion annually.

Investing

Discussing Investment Grade Fixed Income as Conditions Shift in 2024 and 2025

November 12, 2024 - Jeffrey Glenn, James Spidle

We believe strong credit fundamentals and attractive all-in yields suggest a favorable environment for corporate and securitized bonds entering 2025.

Investing

From Crisis to Confidence: The Changing Landscape in Bond Investing

November 1, 2024 - Ognjen Sosa

Traditionally, investors have allocated to high-quality investment grade bonds with a goal of earning predictable income, diversifying their overall portfolio risk, and preserving capital.

ESG

Sustainable Bond Issuance Has Remained Solid While Some Sectors are Seeing Divergence

October 1, 2024 - Robert Fernandez, Ruth Ducret

Breckinridge has followed the developments of the sustainable bond market for over a decade.

ESG

Breckinridge’s Approach to Managing Portfolio Corporate Climate Transition-Risk Exposure

October 1, 2024 - Timothy Coffin, Khurram Gillani, Joshua Perez

Investors seeking to express climate-related investment views have more choices today, as there are a variety of approaches ranging from full divestment of the energy sector to emissions reduction pathways with the goal of achieving net zero emissions over time.

ESG

Using Muni SMAs to Assist Climate-Vulnerable Communities

September 18, 2023 - Erika Smull

Breckinridge’s new Climate Vulnerability Customization allows investors to allocate capital to climate-vulnerable communities in a data driven manner.

Investing

Tax Loss Harvesting in Fixed Income Portfolios

July 7, 2023 - Eric Haase, Jeremy Jenkins

Separately managed accounts can offer the advantage of greater control of your tax liabilities through strategies such as tax-loss harvesting and tax-loss swapping.

Municipal

Taking the Measure of Bond Ladders

June 13, 2023

Breckinridge believes a less rigid approach can pursue objectives similar to ladder strategies while providing flexibility to opportunistically take advantage of changing market conditions.

Municipal

Considering the Municipal Bond Market Implications of ETF Asset Growth

May 10, 2023 - Jeremy Jenkins

As ETF assets grow, municipal bond investors may want to consider the implications for certain segments of the municipal market.

Municipal

How to Invest In-State vs Out-of-State in Municipal Bonds

January 13, 2023 - Jeremy Jenkins

An appropriate mix of in-state and out-of-state bonds in a municipal bond portfolio can be determined through careful consideration of tax rates and bond supply, among other factors.

Corporate

Q1 2025 Corporate Bond Market Outlook

January 8, 2025 - Nicholas Elfner

Credit quality improved in 2024 on margin expansion and stabilizing leverage. Entering 2025, we expect stable credit fundamentals but see more debt-funded M&A as a risk.

Investing

November 2024 Market Commentary

December 10, 2024

Treasury yields declined following the U.S. elections, as Republicans captured the Presidency and majorities in the U.S. Senate and House of Representatives.

Equities

Seeking Income Diversification: Complementing Fixed Income with High Quality Dividend Equities

December 2, 2024 - Joshua Perez, Bryan Poston

High quality investment grade (IG) bonds have traditionally played an important role in well-diversified portfolios of investors seeking stable income, diversification, and capital preservation.

Investing

October 2024 Market Commentary

November 13, 2024

Treasuries turned in the first negative monthly return since April, based on the Bloomberg (BBG) Treasury Bond Index (the Treasury Index), as yields increased on stronger economic data and shifting expectations for the Federal Reserve.

Corporate

Q4 2024 Corporate Bond Market Outlook

October 9, 2024 - Nicholas Elfner

Attractive all-in yields, favorable flows, and stable fundamentals drive a modest overweight to the IG corporate bond sector, in our view.

Investing

September 2024 Market Commentary

October 8, 2024

With the Fed’s first rate cut since March of 2020 in place and signals of more to follow, bond market volatility trended lower and the 200-day moving average fell.

Investing

As Bond Market Volatility Rises, TLH and TLC Can Support Investment Objectives

September 18, 2024 - Eric Haase

In order to take advantage of market and economic events that create volatility, tax-aware investors need to monitor portfolios and be ready to act when opportunities arise.

Investing

August 2024 Market Commentary

September 11, 2024

Treasuries rallied, as the expectation for interest rate cuts increased.

Municipal

Election Outlook 2024: Tax Risk Rising

September 3, 2024 - Adam Stern

The outcomes of the 2024 election cycle remains murky, with legislative margins in the House and Senate likely to be modest regardless of the results.

Investing

July 2024 Market Commentary

August 7, 2024

While volatility increased as the FOMC meeting approached, overall bond market volatility ended lower in July.

Investing

June 2024 Market Commentary

July 11, 2024

Treasury yields fell during June, after encouraging inflation readings, but have risen over the quarter and for the year.

Corporate

Q3 2024 Corporate Bond Market Outlook

July 10, 2024 - Nicholas Elfner

Entering the third quarter, corporate event risk, geopolitical risk, and valuations warrant monitoring for potential impact on the corporate bond market outlook.

ESG

California’s FAIR Plan and Potential Implications for State and Local Municipal Bonds

July 1, 2024 - Ruth Ducret

The voluntary insurance market and state and local governments seek to adapt and increase resiliency in the face of a changing climate.