|Wednesday, October 13, 2021||2:00 pm EDT | 11:00 am PDT | 7:00 pm BST|
CFRA and PIMCO explored how to tap into tax-advantaged income opportunities amid low yields and potentially higher taxes. Todd Rosenbluth, CFRA Head of ETF and Mutual Fund Research, and David Hammer, head of PIMCO’s municipal bond portfolio management, discussed how actively managed muni bond ETFs aim to deliver more attractive tax-advantaged income and return potential than traditional passive muni ETFs that dominate the marketplace for a tactical increase in risk.
Discussion topics will included:
Head of ETF and Mutual Fund Research, CFRA
Todd Rosenbluth is Head of ETF and Mutual Fund Research at CFRA, where he leads the firm’s holdings-based research efforts. Todd publishes regular thought leadership content on equity and fixed income products, supports the quantitative fund models and interacts with clients. He also serves as a member of CFRA’s Investment Policy Committee. Todd has frequently provided ETF education at Inside ETFs conferences and been quoted in media outlets, such as Barron’s, New York Times and the Wall Street Journal. He also held the position of Senior Director of ETF and Mutual Fund Research for S&P Global Market Intelligence.
Managing Director and Head of Municipal Bond Portfolio Management, PIMCO
Mr. Hammer is a managing director in the Newport Beach office and head of municipal bond portfolio management, with oversight of the firm’s municipal investment grade, high yield, taxable, and separately managed accounts. He is the lead portfolio manager on PIMCO’s municipal bond fund complex, including investment grade, high yield, state-specific, closed-end funds, and interval fund. Prior to rejoining PIMCO in 2015, he was a managing director at Morgan Stanley, where he was head of municipal trading, risk management, and research. He has 18 years of investment experience and holds an undergraduate degree from Syracuse University.
¹"Core plus municipal strategy” is defined as a strategy that invests in both high yield and investment grade municipal securities while a “core municipal strategy” only invests in investment grade municipals.
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A word about risk: Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Investors will, at times, incur a tax liability. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Management risk is the risk that the investment techniques and risk analyses applied by an investment manager will not produce the desired results, and that certain policies or developments may affect the investment techniques available to the manager in connection with managing the strategy.
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