Muni CEFs (Along With Individual Muni Bonds) Look Buyable Here

Summary

• Municipal bonds fit our strategy thesis of high-quality, longer duration, bendable assets that work in an economic downturn.

• We prefer individual munis and muni CEFs over OEFs/ETFs.  Right now, individual muni bond opportunities are drying up favoring CEFs.

• Distribution cuts have been pervasive but should slow as short-term yields stabilize or drop.