Insights

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Insights

Investing

Material Policy Headwinds for Private Higher Ed Are Likely Manageable Investment Risks

By Adam Stern, Robert Azrin

Federal policy actions present new risks for many private higher education institutions.

Investing

April 2025 Market Commentary

May 12, 2025

Volatile investment markets throughout April reacted to shifting trade policy messaging, mixed economic readings, and President Trump’s expression of frustration with the Federal Reserve.

Sustainable

The Impact of Population Growth on City Credit Quality and Economic Stability

April 1, 2025 - Robert Fernandez, Robert Azrin, Erika Smull

As a city’s population increases, a municipality’s credit profile can change rapidly. Population growth is typically a favorable credit factor but can introduce challenges as well.

Investing

Understanding Bond Convexity

February 11, 2025 - John Bastoni, Eric Haase

As yields rise or fall, the pace and size of any change in one bond’s prices can be different than another bond.

Sustainable

Demographics, Competition Test School Budgets

January 2, 2025 - Erika Smull

Demographic shifts, more competition in the public school arena, and state aid formulas are driving challenges.

Investing

Discussing Investment Grade Fixed Income as Conditions Shift in 2024 and 2025

November 12, 2024 - Jeffrey Glenn, James Spidle

We believe strong credit fundamentals and attractive all-in yields suggest a favorable environment for corporate and securitized bonds entering 2025.

Investing

From Crisis to Confidence: The Changing Landscape in Bond Investing

November 1, 2024 - Ognjen Sosa

Traditionally, investors have allocated to high-quality investment grade bonds with a goal of earning predictable income, diversifying their overall portfolio risk, and preserving capital.

Sustainable

Using Muni SMAs to Assist Climate-Vulnerable Communities

September 18, 2023 - Erika Smull

Breckinridge’s new Climate Vulnerability Customization allows investors to allocate capital to climate-vulnerable communities in a data driven manner.

Investing

Tax Loss Harvesting in Fixed Income Portfolios

July 7, 2023 - Eric Haase, Jeremy Jenkins

Separately managed accounts can offer the advantage of greater control of your tax liabilities through strategies such as tax-loss harvesting and tax-loss swapping.

Municipal

Taking the Measure of Municipal Bond Ladders

May 8, 2025

Breckinridge believes a less rigid approach to municipal bond management can pursue objectives similar to ladder strategies while providing flexibility to opportunistically take advantage of changing market conditions.

Corporate

Q2 2025 Corporate Bond Market Outlook

April 15, 2025 - Nicholas Elfner

IG corporate new issuance surprised to the upside and registered a record first quarter with about $585 billion of bonds issued.

Investing

March 2025 Market Commentary

April 10, 2025

With heightened volatility across investment markets in March, investor demand for U.S. government bonds increased. Shorter maturity Treasury yields fell.

Investing

February 2025 Market Commentary

March 7, 2025

Treasury yields declined during the second half of the month as a sustained flight to quality bid driven by fiscal policy concerns, softening economic data, and geopolitical issues.

Investing

January 2025 Market Commentary

February 5, 2025

In January, data continued to show solid hiring trends, employment conditions, and consumer spending, which the Fed cited in its decision to hold rates steady. However, a risk to the investment committee’s outlook is that a pro-growth agenda could keep growth and inflation higher.

Investing

December 2024 Market Commentary

January 13, 2025

Reversing November’s trend, Treasury yields for maturities beyond 1 year increased. Bond market volatility expectations ended the year higher but remained below the 200-day moving average in 2024.

Corporate

Q1 2025 Corporate Bond Market Outlook

January 8, 2025 - Nicholas Elfner

Credit quality improved in 2024 on margin expansion and stabilizing leverage. Entering 2025, we expect stable credit fundamentals but see more debt-funded M&A as a risk.

Municipal

2025 Municipal Market Outlook

January 6, 2025 - Adam Stern

The municipal bond market enters 2025 with strong but ebbing credit fundamentals, the potential for rising Municipal/Treasury ratios driven by increased issuance and weaker demand due to policy uncertainty, and tight credit spreads.

Investing

November 2024 Market Commentary

December 10, 2024

Treasury yields declined following the U.S. elections, as Republicans captured the Presidency and majorities in the U.S. Senate and House of Representatives.

Equities

Seeking Income Diversification: Complementing Fixed Income with High Quality Dividend Equities

December 2, 2024 - Joshua Perez, Bryan Poston

High quality investment grade (IG) bonds have traditionally played an important role in well-diversified portfolios of investors seeking stable income, diversification, and capital preservation.

Municipal

Heating Up: The Muni Market Inches Closer To Pricing Climate Risk

November 21, 2024 - Adam Stern, Erika Smull

Extreme and damaging weather events traceable to climate change cost the U.S. economy almost $150 billion annually.

Investing

October 2024 Market Commentary

November 13, 2024

Treasuries turned in the first negative monthly return since April, based on the Bloomberg (BBG) Treasury Bond Index (the Treasury Index), as yields increased on stronger economic data and shifting expectations for the Federal Reserve.

Corporate

Q4 2024 Corporate Bond Market Outlook

October 9, 2024 - Nicholas Elfner

Attractive all-in yields, favorable flows, and stable fundamentals drive a modest overweight to the IG corporate bond sector, in our view.

Investing

September 2024 Market Commentary

October 8, 2024

With the Fed’s first rate cut since March of 2020 in place and signals of more to follow, bond market volatility trended lower and the 200-day moving average fell.

Sustainable

Sustainable Bond Issuance Has Remained Solid While Some Sectors are Seeing Divergence

October 1, 2024 - Robert Fernandez, Ruth Ducret

Breckinridge has followed the developments of the sustainable bond market for over a decade.

Investing

As Bond Market Volatility Rises, TLH and TLC Can Support Investment Objectives

September 18, 2024 - Eric Haase

In order to take advantage of market and economic events that create volatility, tax-aware investors need to monitor portfolios and be ready to act when opportunities arise.