Insights

Influences spanning government, regulatory and trade policy, market technicals and sector fundamentals shaped the municipal bond market through June 2025.

Municipal bond investors would be remiss to ignore the impact of state and local taxes on an appropriate mix of in- and out-of-state bonds in their portfolios.

We see the Energy Supply Financing Ratio as an emerging and potentially important signal of how financial institutions are navigating the low-carbon transition.

The social doctrine of the Catholic Church guides its investment policy.

We believe payout ratio is a critical metric in evaluating dividend-paying securities and avoiding the potential pitfalls associated with targeting solely high dividend yield.

There are important limitations to relying solely on total return—primarily that not all returns are created equal.

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

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.