Opportunity Zones: An Overlooked Impetus for Municipal Credit Enhancement

Putting fixed income assets to work in a world of 2% 10Yr Treasuries is challenging. Appleton Partners understands this and feels there is still value and opportunity. Nathan Harris, CFA, Co-Director of Municipal Research, sees considerable credit catalyst potential from Opportunity Zone investment.

Review and

November 2019

“A steeper muni yield curve is welcome as it now offers a bit more value for adding duration…”

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October 2019

“For those looking to put cash to work on a temporary basis, or simply wishing to maintain liquid, high quality assets, ultra-short accounts with an ability to tactically allocate between VRDNs and short munis as relative value changes may have appeal…”

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September 2019

“With a large majority of positive global rates coming from of the US, demand for US IG corporates, Treasuries and municipals should remain strong…”

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August 2019

“In the face of uncertainty and volatility risk appetites can be compromised, and high-quality municipals are often seen as a safe-haven asset class that has historically demonstrated a low correlation to equities and other riskier assets…”

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Economic and
Market Commentary


Differentiating Credit Vigilance From Complacency

“All too often favorable capital market conditions have generated a degree of investor and analyst complacency.  With municipal credit spreads at near record lows, the margin for safety has been diminished…”

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Opportunity Zones: A Look at Potentially Winning Models

“Opportunity Zones are fast becoming a real estate development buzzword, as powerful tax incentives unleashed by the 2017 Tax Cuts and Jobs Act sparks a proliferation of private capital investment into economically stressed census tracts…”

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Opportunity Zones:
An Impetus for Municipal Credit Enhancement

“As capital flows into Opportunity Zones, we are actively looking for localities with the best prospects … Weeding through Opportunity Zone tracts early in their evolution offers our research team an ability to identify municipal issuers with overlooked future credit prospects…”

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Beyond Ladders:
Attributes of Active Management

“In the tax-exempt markets, the debate is often seen through the lens of active vs. laddered bond strategies, particularly with separately managed accounts.  While there are merits to both approaches, and they appeal to different investor needs, we believe active management has certain inherent advantages…”

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Q3 2019

Demystifying and Demilitarizing Trade

“In a recent speech concerning risks to the US economy, noted economist Robert Shiller discussed the term “trade war” and how its meaning has evolved over time…”

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Q2 2019

Summer Days: Bright Skies and Hazy Outlooks

“The first six months of the year were, for all the volatility, a period of capital markets strength. It’s far too early to say what the next six will bring, but at a minimum, we see reasons to expect volatility to continue and emphasize the value of sticking to a clear-eyed plan…”

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Q1 2019

Sympathy for the Yield Curve

“The US economy is showing vulnerability to geopolitical risk, but – as Mick Jagger once sang in ‘Sympathy for the Devil’ – “as heads is tails,” a bear reading and a bull reading of the economy may explain the seeming contradiction of the first quarter…”

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Q4 2018

High Drama in Washington:
Policy Heroines or Unfolding Greek Tragedy?

“Outside of a cottage industry of Fed watchers, people do not wait with bated breath for Fed speeches and Policy Minutes releases. Accepting this reality, today’s policy drama may best be envisioned as a plot summary to a gritty film noir drama…”

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Video Briefs

July 2019

Benefits of a Municipal Crossover Strategy

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June 2019

Opportunity Zones: An Impetus for Municipal Credit Enhancement

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March 2019

Portfolio Transition Analysis: Facilitating Informed Decisions

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March 2019

Beyond Ladders: Attributes of Active Management

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