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At Breckinridge, we believe laddered structures may be too rigid to benefit from the muni market’s structural inefficiencies.
Four key changes occurring in the municipal markets over the last two years—higher yields, an inverted yield curve, more credit differentiation, and increased liquidity—help to highlight the contrast between active and passive approaches.
While laddered investment approaches may be suitable for efficient investment markets (e.g.: Treasury bonds), we believe that inefficient markets are less appropriate for passive ladders.
For more information on our municipal bond strategy offerings please submit this form and a member of our Consultant Relations team will be in touch.
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