Summary
- Throughout the third quarter of 2025, fixed income performance was positive given the decline in yields across the Treasury curve and tightening in taxable credit spreads.
- Strong consumer spending and corporate earnings supported an improved quarter-over-quarter annualized GDP reading of 3.8%.
- Muni sectors impacted by potential policy changes experienced wider spreads, offering investors attractive entry points into areas like higher education and healthcare.
- We believe that the creditworthiness of muni borrowers will remain strong in the near term, as many borrowers have maintained improved financial positions post-pandemic.
- We remain committed to our core competency of evaluating, taking, and managing credit risk in the municipal market.
Performance Summary
Throughout the third quarter of 2025, fixed income performance was positive given the decline in yields across the Treasury curve and tightening in taxable credit spreads. Inflation rose slightly in Q3 and the labor
Select quarterly mutual fund commentaries.
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