MacKay Municipal ManagersTM is focused solely on municipal bonds. All of the firms resources are dedicated to investment excellence of municipal investing. The team’s experience, skill, and proficiency allows them to identify inefficiencies in the municipal bond market.
The team’s investment philosophy is to focus on exploiting market inefficiencies to consistently build a yield advantage and seek attractive after-tax total return through fundamental, in-depth research.
The municipal bond market is a decentralized and inefficient market consisting of over 2,000 dealers with no national exchange. In this type of market, access to key market participants is critical. The team’s long-term relationships and access to the most influential and leading market participants gives them access to a larger inventory of securities—helping potentially uncover bonds that have relative value and are mispriced by the market.
MacKay Municipal ManagersTM is a relative value manager, applying both top-down analysis and bottom-up credit research in the construction of the portfolios. The team’s approach is to invest with a rational and intuitive understanding of what drives markets. They have the experience and ability to analyze voluminous data, conduct exhaustive security-level analysis, and identify potential opportunities to capture desired risk-return outcomes.