Municipal Strategy:
Actively Managing Times of Change

Recent rate spikes have come off historic lows, and we believe the pace of rate pressure has unnerved markets far more than still low yield levels. Appleton views market cycle adjustments as environments in which value can be found...and it is our belief that rising rates and other sources of volatility often allow active municipal separate account managers with research expertise to outpace passive approaches.

Review and
Outlook

April 2021

“Curve steepening was pronounced with the spread between 2s and 10s rising from 57 to 98 basis points.  We welcome a more normalized curve…“

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March 2021

“It is our belief, as outlined in a newly published white paper, that active bond managers have considerable advantages relative to passive strategies during times of cyclical change…”

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February 2021

“The Democrats’ sweep of both Georgia Senate seats on January 6th has increased both the likelihood and size of a third COVID-19 stimulus bill. Stimulus negotiations are ongoing, with Biden seeking $1.9 trillion, including aid for state and local governments, continuing unemployment benefits into the Fall, a $15 minimum wage, and additional $1,400 stimulus checks…”

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January 2021

“Georgia has commanded much political attention in recent days and reports now indicate that the Democrats have narrowly won both Senate run-off elections…While we do not understate the importance of these races, their impact on the Biden agenda may be overstated by the markets and media…”

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Economic and
Market Commentary

03.16.2021

Uncle Sam Bolsters Municipal Budgets

“Passage of the American Rescue Plan was challenging, yet the outcome was clear in one respect – municipal budget conditions improved with the Bill’s signing…”

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03.03.2021

Municipal Strategy:
Actively Managing Times of Change

“Recent rate spikes have come off historic lows, and we believe the pace of rate pressure has unnerved markets far more than still low yield levels.  Appleton views market cycle adjustments as environments in which value can be found…and it is our belief that rising rates and other sources of volatility often allow active municipal separate account managers with research expertise to outpace passive approaches…”

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11.23.2020

Municipal Credit Observations – November 2020

“Our belief that larger issuers with diversified revenue streams, substantial reserves, and management acumen would weather the storm has so far proven to be the case. That said, credit vigilance remains imperative…” Learn More

08.25.2020

Corporate Credit Observations – August 2020

“We believe that despite today’s absolute level of rates, the corporate bond market still offers compelling relative value.  Despite record-breaking summer issuance, spreads continue to grind tighter as investor demand remains high…” Learn More

Quarterly
Perspectives

Q1 2021

Thoughts on Speculation, Market Integrity and Investor Trust

“Speculation is hardly new as the dot com frenzy of the late 1990s demonstrated, although certain stocks’ highly unusual trading patterns have raised questions about market stability and even integrity…”

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Q4 2020

Looking Ahead to a Post-Pandemic World

“What can we learn from these trying times? … This year has shined a spotlight on risk, most notably a need to proactively prepare for it.  As advisors, this speaks to several financial planning fundamentals…”

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Q3 2020

What’s in Your Index?

“We feel your primary benchmark should be your financial plan and that’s what we manage towards…while we often speak about “the market”, what matters most is how your portfolio works for you…”

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Q2 2020

An Age of No Limits

“On April 9th, Federal Reserve Chairman Jerome Powell declared that the U.S. central bank was committed to “forcefully, pro-actively, and aggressively” helping the country recover, and that there were “no limits” to the money the Fed could deploy…The eventual implications of these prescriptions remain unknown…”

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Video Briefs

December 2020

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August 2020

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May 2020

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February 2020

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