PUBLIC MARKETS
Institutional Municipals Reimagined
The Case for Flexible Municipal Strategies
Passive SMAs and laddered portfolios are foundational to many institutional municipal allocations. But today's municipal bond market is more nuanced and complex, portfolio outcomes may hinge on access, not just allocation.
In the full video above and broken into chapters below, MacKay Municipal Managers™ examines how flexible LP structures may complement buy-and-hold exposure through underrepresented sectors, curve opportunities, and applying research-driven relative value across the municipal market. Family offices and high net worth investors are considering municipal LP structures as a practical complement to passive allocations.
Webinar Replay:
Navigating Strategic Opportunities in Fixed Income
October 7, 2025, 11:00 AM ET / 4:00 PM BST
Global High Yield at a Crossroads: Why Now, Why Broader?
A timely case for expanding high yield exposure across regions to capture resilient income.
Taxable Municipals: The Overlooked Core Bond Advantage
High-quality yield, structural resilience—beyond corporates and Treasuries.
Beyond Borders: Enhancing High Yield with Global Rotation
Global tools. Sharper yield. Smarter risk.
Chapter 1: Complementing Passive Muni Exposure
Chapter 2: Benefits of the LP structure
Chapter 3: Risks of the LP structure
Chapter 4: Family Offices & Private Wealth
The Municipal Opportunity Beyond the Ladder
The municipal curve may offer opportunities outside traditional ladder endpoints, where active managers can evaluate yield, structure, credit, and valuation together.
The above chart illustrates the municipal yield curve at varying durations and yield levels at different points along the municipal curve, illustrating the steeper segment beyond the typical 10-year ladder endpoint.
Source: Bloomberg BVAL AAA Municipal Callable Curve. BVAL is Bloomberg's evaluated pricing service. The AAA curve is intended to represent a theoretical AAA-rated tax-exempt municipal yield curve constructed from Bloomberg's evaluated municipal bond universe. As of May 7, 2026.
Insights brought to you by MacKay Shields, a division of New York Life Investment Management.
MacKay Shields is a global boutique investment firm with expertise across global fixed income markets including municipal bonds, structured credit, corporate credit and emerging market debt. For decades, MacKay Shields delivered specialty fixed income solutions backed by disciplined research and a commitment to providing long-term value for our clients. Learn more at mackayshields.com.
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