ESG and Municipal Impact Investing

There is growing attention on ESG across the capital markets. Nathan W. Harris, CFA, Senior Vice President, Director of Municipal Research discusses how their firm makes ESG related evaluations in the tax-exempt markets, the performance and risk impact from ESG-oriented portfolio adoption, and how investors can use these strategies in an asset allocation context.

Review and
Outlook

December 2021

“Market-based metrics continue to support the argument that we are likely past “peak inflation,” and pandemic supply chain issues are easing…”

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November 2021

“We believe raising rates would be akin to pushing on a string and expect the Fed to focus on resetting expectations back to 2023…”

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October 2021

“Macro trends are growing in importance as bond issuers grapple with a highly unusual environment…this analysis is an important input into our assessment of individual credits and their ability to respond to current challenges…”

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September 2021

“President Biden signed the $1.9T American Rescue Plan Act in March to aid economic recovery from the COVID-19 pandemic. State governments were among the largest beneficiaries, receiving $195B…most states have been slow to deploy this federal aid and a dozen have yet to spend any of the funds…”

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Economic and
Market Commentary

12.01.2021

Is it Time to Kick the Kickers? A Look at Portfolio Tradeoffs and Considerations

“At face value, “kicker” bond yields are appealing, yet we urge advisors and investors to be cognizant of risks and recognize that these bonds will not trade like non-callable issues when rates turn…We see no need to punt on “kickers” unconditionally yet feel that investors ought to take a close look at what they own…”

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11.08.2021

Healthcare Experiences Lingering Pandemic Challenges

“More than one third of US hospitals are expected to run negative profit margins this year, a reality that speaks to the need to carefully evaluate balance sheet strength and fiscal management…”

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10.26.2021

Mass Transit: Is Credit Recovery on Schedule?

“The social and economic fallout from the ongoing COVID-19 pandemic has been pronounced, and Mass Transit remains a sector of acute focus for tax-exempt credit analysts.  Is the recovery on schedule?”

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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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Quarterly
Perspectives

Q3 2021

Breaking Through Behavioral Barriers in Personal Financial Planning

“Despite a tendency to think of personal finance in quantitative terms…we believe the best financial planning advice also considers an element of psychology…”

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Q2 2021

Practical Reflections on Inflation

“For the sake of argument, let’s accept that inflation could be a risk. If so, how might this impact asset allocation strategy?”

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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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Video Briefs

November 2021

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August 2021

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May 2021

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December 2020

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