Market Commentary

Market Analysis

Welcome to readers of the Asset Management Insights blog, which has been discontinued at its previous location.

Bob Doll, CFA

Bob Doll’s Ten Predictions for 2017:

Implications for the economy, financial markets and investment positioning.
Bob Doll, CFA


Municipal Market: Technicals
Override Solid Fundamentals

Co-Head of Fixed Income John Miller comments on the municipal markets over the past quarter.
John Miller, CFA

Post-Election Municipal Bonds: Is the Sell-Off Overdone?

The current decline in municipal bond prices is likely based on some highly speculative assumptions. It may constitute a case of too far, too fast in light of the relative stability of credit and economic fundamentals.

Date DocumentAuthorAudienceSubscribe
3/21/2017 Municipal Bond Market: The Aftermath of the U.S. Election -- What has happened in the municipal bond market since the November 2016 election? Investor
3/21/2017 Will Sanctuary Cities Suffer? -- Should sanctuary cities fear executive orders that include provisions to strip federal funding from state and local governments? Shawn O'Leary Investor
3/20/2017 Weekly Fixed Income Update: Dovish Fed Pushes Treasury Yields Lower -- Treasury yields rose at the beginning of last week in anticipation of the Federal Reserve meeting. John Miller, Tony Rodriguez Investor Subscribe
3/20/2017 2017 Outlook - Ups, Downs and Opportunities -- Investment leaders share what to expect in the year ahead. Bob Doll, Doug Baker, Gunther Stein, Jay Rosenberg, Jim Boothe, John Miller, Jonathan Spencer, Justin Kelly, Tony Rodriguez, Phyllis Thomas, Jim Stephenson, Marc Snyder Investor
3/20/2017 Is High Yield High Risk? What Investors Should Know (presentation) -- What investors should know when seeking yield in the municipal market Mike Davern Advisor
3/20/2017 Municipal Market: How Rates Rise Matters -- In prior rising rate environments, various parts of the municipal yield curve reacted differently based on economic conditions and the pace and scale of Fed activity. Chris Barron Investor
3/20/2017 Spendthrifts or Penny Pinchers? -- Consider these common misconceptions about state and local government finances. Shawn O'Leary Investor
3/20/2017 Fed Raises Rates, Affirms Gradual Path of Normalization -- The Fed raised rates 0.25% in March, noting continued economic expansion and solid job market gains. Investor
3/20/2017 Nuveen Multi-Asset Solutions Commentary -- March Derek Sasveld Investor Subscribe
3/20/2017 Weekly Commentary: Equity Outlook: Long-Term Looks Clearer Than Near-Term -- “Near-term volatility may rise, but we believe overweight positions in equities makes sense for the long term. Bob Doll Investor Subscribe
3/17/2017 What Makes Active Equity Management Successful -- We may be at the cusp of a better environment for active management—if investors know what to look for. Bob Doll, Scott Tonneson Investor
3/15/2017 How Old Is Your Pension Plan? Matching Pension Investing to Plan Demographics -- By focusing on the specific segments of the liability (retirees, vested terminees, and active employees), plan sponsors can design a portfolio that invests in liability-hedging assets where they will be most effective and in return-seeking assets where their risk will have the least impact. David Wilson, Evan Inglis Investor
3/15/2017 March FOMC Reaction: the Fed Marches On -- The Fed raised the fed funds rate 0.25% at the March meeting. Learn about our perspective. Investor
3/14/2017 TIAA-CREF Real Estate: The Impact of Rising Interest Rates -- U.S. commercial real estate and the impact of rising interest rates Advisor
3/14/2017 Simulating the Effects of Rising Rates on Municipal Bond Returns -- For investors with a longer time horizon, higher interest rates may mean better total returns Cadmus Hicks Investor
3/10/2017 The Benefits of High-Quality in an Uncertain Environment -- An outlook and review of key themes for 2017. Investor
3/10/2017 MuniNotes: The Trump Agenda: What’s on the Horizon for Municipals -- Learn more about municipal credit trends from our municipal credit research team. John Miller Investor Subscribe
3/10/2017 How Risky is Your Senior Loan Fund? Standard Deviation May Fool You! -- Investors often assume that risk and volatility are positively correlated. Given that a major risk many people fear today is liquidity, especially for mutual funds, investors may benefit from turning traditional thinking about the relationship between volatility and risk for senior loan funds on its head. Investor
3/10/2017 Economic and Financial Market Review and Outlook - March -- Keith Hembre's monthly outlook on the economy and financial markets. Keith Hembre Investor Subscribe
3/9/2017 Municipal Bond Market Update_presentation -- Overview of recent developments in the municipal bond market. John Miller Advisor
3/6/2017 Chart Talk: Opportunities in Municipal Bonds Flip Book: 4Q 2016 -- Leading the Way in Municipal Bonds: The What, Why and How of the Municipal Markets John Miller Investor Subscribe
3/2/2017 Do Tax Rates Affect Municipal Bond Pricing? -- Is the prospect of tax reform responsible for the relative cheapening of municipal yields? Cadmus Hicks Investor
2/27/2017 Insights Commentary -- Keith Hembre's economic insights and investment opportunities in various asset classes. David Chalupnik, Jay Rosenberg, John Miller, Keith Hembre, Tony Rodriguez Investor Subscribe
2/27/2017 Still Room to Grow When Dividend Growth Slows -- As the pace of growth reverts back to what may be more sustainable levels, investors seeking income may need to be additionally selective in their approach for dividend growth. Investor
2/24/2017 Equity Markets: A Seismic Shift for Stocks -- Head of Equities David Chalupnik comments on the equity markets over the past quarter. David Chalupnik, Gordon Telfer Investor Subscribe
2/17/2017 New Jersey: Why the Garden State is Under Scrutiny -- New Jersey has been under scrutiny due to fiscal challenges, and current events validate the market’s concern. Beth Dougherty, Kristen DeJong Investor
2/14/2017 The Case for Loans -- What are floating rate loans? Also commonly referred to as “senior secured loans” or “bank loans”, floating rate loans are made by large commercial or investment banks to generally below-investment grade corporations for the purpose of financing operations. Investor
2/14/2017 Municipal Market: Technicals Override Solid Fundamentals -- Co-Head of Fixed Income John Miller comments on the municipal markets over the past quarter. John Miller Investor Subscribe
2/14/2017 Taxable Fixed Income Outlook: A Wild Rate Ride for Bonds -- Bonds may still play an important role in allocations. Tony Rodriguez, Paul Blomgren Investor Subscribe
2/14/2017 Municipal Market Recap and Outlook -- Economic outlook with information concerning our economy, along with inflation, interest rates, municipal bond supply and demand, and credit conditions. Cadmus Hicks Investor Subscribe
2/14/2017 Fixed Income in a Rising Rate Environment -- Rising rates do not necessarily mean negative total returns for bond portfolios. Tony Rodriguez Investor
2/4/2017 NWQ Quarterly Insight Commentary -- NWQ's Quarterly Insight Commentary Tony Maramarco Investor Subscribe
2/3/2017 Senior Loans: An Overlooked Source of Income and Potential Total Return -- Regardless of one's view on interest rates, senior secured U.S. corporate loans (also commonly referred to as “senior loans” or “floating rate loans”), such as those found in senior loan mutual funds, remain a compelling relative value for those looking to own risk assets. Larry Holzenthaler Investor
2/3/2017 Does Peace of Mind Exist? Find it With Low Volatility Investing -- Symphony believes long-term low volatility investing through an active, diversified, low-beta approach provides the greatest peace of mind given current conditions. Investor
2/3/2017 Fixed Income Perspective: Preferred Securities -- A primer on Preferred Securities. Doug Baker, Tony Rodriguez Investor
1/13/2017 2017 Investment Outlook - Ten Predictions from Bob Doll (presentation) -- Bob Doll of Nuveen Asset Management provides his 2017 outlook and Ten Predictions along with key themes for investors today. Bob Doll Investor
1/13/2017 2017 Investment Outlook - Ten Predictions from Bob Doll (ML presentation) -- Bob Doll of Nuveen Asset Management provides his 2017 outlook and Ten Predictions along with key themes for investors today. Bob Doll Investor
1/13/2017 Ten Predictions for 2017: A Year of Transition as Markets Return to Fundamentals -- Bob Doll's Ten Predictions features a year-ahead economic, market and political outlook including investment themes to consider in 2017. Bob Doll Investor
1/5/2017 Municipal Bonds: Staying the Course Usually Benefits Investors -- Analysis of the last three periods of municipal market volatility suggests that investors that stay the course may benefit from their patience. Chris Barron Investor
1/3/2017 10 Predictions for 2017 -- Bob Doll provides his predictions for the coming year and discusses investment positioning. Bob Doll Investor
12/19/2016 Is High Yield High Risk? A Primer on Municipal High Yield -- Many misunderstand high yield muni issuers, thinking they must be in financial distress. Mike Davern Investor
12/19/2016 State of the States: Minnesota -- How do Minnesota’s economic and wealth metrics compare to national marks? Investor
12/19/2016 Post-Election Municipal Bonds: Is the Sell-Off Overdone? -- The current decline in municipal bond prices is likely based on some highly speculative assumptions. It may constitute a case of too far, too fast in light of the relative stability of credit and economic fundamentals. Investor
12/19/2016 Why It’s Not Your Grandma’s Bond Market Anymore -- We believe a bond portfolio that includes non-index sectors has the potential to offer the best risk/return profile. Paul Blomgren Investor
12/16/2016 When One Plus One Is More Than Two -- Learn how we combine the art of fundamental research with the science of quantitative analysis to create an investment process that is more than the sum of its parts. Bob Doll, Scott Tonneson Investor
12/5/2016 2016 Elections Recap: What the Results Mean for Investors -- Bob Doll discusses how will Trump presidency and GOP control of Congress could affect the economy and financial markets. Bob Doll Investor
12/5/2016 State and Local Election Issues May Affect Municipal Markets -- We analyze key ballot initiatives, including thoughts on their chances for passage and what they might mean for municipal bond holders. Investor
11/23/2016 Economic and Financial Market Review and Outlook -- Keith Hembre's monthly outlook on the economy and financial markets. Keith Hembre Investor
10/24/2016 The Many Flavors of Yield -- How does a fund’s SEC yield differ from the dividend yield? Cadmus Hicks Investor
10/3/2016 Preferred Securities in Institutional Portfolios -- Institutional investors often overlook this hybrid asset class, but we find it attractive from fundamental, technical and valuation perspectives. Doug Baker, Brenda Langenfeld Investor
9/29/2016 Fixed Income Investing in a Reduced Liquidity Environment -- Impaired liquidity can hurt performance and disrupt access to investment proceeds, making it an important concern for some investors. Paul Blomgren, Chris Neuharth Investor
9/26/2016 Considering REITs for the Long Term -- How do REITs perform when interest rates rise? The answer is more nuanced than people expect. James Clark Investor
9/26/2016 Chicago Takes Fiscal Step Forward; Illinois Stands Still -- Illinois and Chicago remain outliers in municipal credit. Molly Shellhorn, Kristen DeJong Investor
9/8/2016 Fixed Income Perspective: Treasury Inflation Protected Securities -- TIPS’ complexities require examination, but they may benefit a long-term diversified portfolio. Tony Rodriguez Investor
9/6/2016 Fixed Income Perspective: Global Bonds -- By expanding your fixed income investment horizon to include the world, you can substantially enhance your opportunity set. Tony Rodriguez, Tim Palmer Investor
9/6/2016 Municipal Bankruptcy: A Primer on Chapter 9 -- Understand the key components of Chapter 9, state actions to deter future filings and circumstances of recent municipal bankruptcy filings. Beth Dougherty, Kristen DeJong Investor
9/2/2016 The Latest Threats to Municipal Bond Tax-Exemption -- New challenges to tax-exemption of municipal bonds have arisen throughout 2016. Cadmus Hicks Investor
8/30/2016 Obligation-based Asset Allocation for Public Pension Plans -- PUBLIC PENSION PLANS HAVE a single objective – to provide income for a secure retirement for their members. Once the benefits have been designed to accomplish this, the single objective becomes an important obligation — to pay the promised benefits to their members. This obligation defines everything that public plan fiduciaries and their advisors do, and the investment strategy is no exception. However, sound public policy suggests that an additional objective be considered: “How will the impact on other stakeholders be minimized while ensuring retirement security for members?” David Wilson, Evan Inglis Investor
8/30/2016 Beyond Duration: Comparing Taxable Bond Funds -- Understanding what’s in a bond fund is important to building effective portfolios. Paul Blomgren Investor
8/30/2016 A Major Debit of Tax Credit Bonds -- Complications and costs of tax credit bonds could make them so uneconomical as to be infeasible. Cadmus Hicks Investor
8/30/2016 Dissecting Dividend-Paying Stocks -- Offers quantitative and fundamental reasons why dividend payers may outperform and offer less volatility than non dividend-paying cohorts. However, not all dividend-paying companies are alike, and selection may be key to finding the best opportunities. Investor
8/22/2016 The Return on Investment from Deferring Social Security Benefits -- What is the return on investment from deferring social security benefits? Cadmus Hicks Advisor
8/8/2016 Puerto Rico Begins a Long Road to Fiscal Balance -- ON JUNE 30, PRESIDENT OBAMA SIGNED the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government’s financial operations and restructure debt. Molly Shellhorn, Shawn O'Leary Investor
8/1/2016 Long Bonds for the Short Run -- Will the supply of long corporate bonds be sufficient to meet demand for corporate pension funds? David Wilson, Evan Inglis Investor
8/1/2016 State of the States: New York -- New York State has a wide array of tools at its disposal to adapt and to maintain financial stability, and a demonstrated willingness and ability to use them. Glen Anderson Investor
8/1/2016 Why Preferreds Now? -- We see several compelling reasons to consider actively managed preferred securities now. Doug Baker, Brenda Langenfeld Investor
7/21/2016 Puerto Rico: Legislation Passes but Process Will Take Time -- The U.S. Senate passed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), creating a path for debt restructuring. Molly Shellhorn, Shawn O'Leary Investor
7/15/2016 A Matter of Style: From Momentum to Free Cash Flow? -- Markets may be undergoing a leadership change. And that could have implications for investors. Bob Doll, Scott Tonneson Investor
7/8/2016 Waiting to Extend: A Forward-Looking Approach to Fixed Income Investing -- This report provides investors and their advisors with a tool for quantifying the consequences of delaying one’s purchase of long-term bonds and for setting a target that interest rates must reach to justify such a delay. Cadmus Hicks Investor
6/22/2016 Regulatory Developments Affecting Municipal Bonds -- Learn more about the status of proposals for regulatory changes governing the financial markets, including the municipal market and funds that invest in municipal securities. Cadmus Hicks Investor
6/15/2016 Tobacco Bonds: Careful Credit Analysis Is the Key -- Tobacco bonds may be appropriate, but depend heavily on individual security analysis. Glen Anderson, Cathryn Steeves Investor
5/27/2016 Where Are We in the Credit Cycle? -- Is the current credit cycle ending? We say no. Doug Baker, Tony Rodriguez Investor
5/20/2016 The Case for Global Utilities -- We believe the global utilities sector offers attractive investment features. James Clark Investor
4/28/2016 Understanding Land-Secured Municipal Bonds -- Development has resumed in some land-secured projects that were stalled during the real estate downturn. Stephen Candido, Tom Berry, Ryan Rosberg, Ellen Rossi Investor

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Market Analysis contains informational and educational materials, economic and market commentaries, opinion pieces, and other materials relating to financial matters. Market Analysis is provided for general informational purposes only. Such materials are not intended to constitute an offer, solicitation, recommendation or advice regarding any securities, funds or investment strategy. Materials are current as of the date indicated on each piece, and such materials may become outdated or otherwise superseded at any time without notice to you.

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