Meet-Up : Fixed Income Outlook and Strategies for Taxable Investors
The Fed has paused its longer term push to raise interest rates, leaving investors still hunting for yield. They face other challenges in the prospect of potentially higher inflation, a slowing economy and structural changes to the bond market. Recent tax cuts, meanwhile, pose unique issues for taxable investors, having significantly altered deductions and income brackets and made it more difficult for high-tax bond-issuer states to fund their spending. Is the traditional ladder or diversified fund of muni bonds still the right approach to generate income, preserve capital and diversify risk for taxable investors?
Join Craig Brandon - Eaton Vance Management, Eric Golden - Fidelity Investments, and Nate Harris - Appleton Partners for a roundtable discussion of the bond market outlook and how tax-sensitive investors can approach the current environment and position portfolios appropriately.
- What is the Fed likely to do near term and what impact will that have on rates and bond prices?
- How have structural changes to the bond market limited liquidity and impacted volatility across bond segments?
- Have recent tax changes significantly altered yields on munis relative to other income options?
- How much riskier have high-tax state bonds become in the event of an economic slowdown and are the risks reflected in asset values?
CRAIG BRANDON, CFA is Co-Director of Municipal Investments at Eaton Vance Management and Senior Portfolio Manager. The team he co-leads is one of the largest in the industry and offers strategies that span the entire municipal yield curve and credit spectrum. This group follows an actively managed, income oriented approach which seeks to take advantage of relative value opportunities, capitalizing on market inefficiencies through fundamental credit research. Craig has over 20 years experience with Eaton Vance as a portfolio manager, including 5 years as Co-Director. He previously worked as an analyst for the New York State Assembly. Craig earned an MBA from the University of Pittsburgh and a BS from Canisius College. He is also a CFA charter holder.
ERIC GOLDEN, CFA is Managing Director and Portfolio Manager of personal bond management within the Fixed Income division at Fidelity Investments. In this role, Eric is responsible for the portfolio construction, management, and risk oversight of fixed income separately managed retail accounts as well as a series of institutional strategies. Prior to this position, he held various other roles within the fixed income division, including research analyst, associate research analyst, and research associate. He was responsible for covering not-for-profit hospitals, senior living, utilities, transportation, and tobacco credits for bond and money market funds. He has been in the financial industry since joining Fidelity in 2004. Eric earned his bachelor of science degree in corporate finance and accounting, with a minor in information technology, from Bentley University. He is also a CFA charterholder.
NATE HARRIS, CFA is Co-Head of Municipal Research at Appleton Partners and Senior Vice President. A key member of Appleton’s Investment Committee, Nate lends his credit expertise and understanding of legislative, regulatory, and economic developments to help establish the top-down positioning of Appleton’s tax-exempt portfolios. His responsibilities also include defining and supporting Appleton’s credit research process, performing fundamental credit analysis and identifying short and long-term investment opportunities for the firm. Prior to joining Appleton, Nate worked as an Analyst at Standish Mellon Asset Management in their Tax Sensitive Group. Nate is a CFA charterholder and member of CFA Society Boston. He currently serves as a Board Member and President of the Boston Municipal Analysts Forum and is a member of the Board of Governors of the National Federation of Municipal Analysts.
Please note, attendees are asked to bring their own lunches.
There is no charge for Members for this event, however registration is required since space is limited to the first 50 registrants.
Wells Fargo Connections
125 High Street
Boston, MA 02110
Description:Registration is complimentary for members.
CE CreditCFA Boston has determined that this event qualifies for 1 CE credit hours under the guidelines of CFA Institute's Continuing Education Program. If you are a CFA Institute member, CE credit for your participation in this event will be automatically recorded in your CE tracking tool.