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.
