Investment Process

Since the municipal market is not static, MacKay Municipal Managers’ process is dynamic. The team’s investment process looks to capitalize on market inefficiencies, consistently build a yield advantage, and seeks an attractive aftertax total return.

The team employs a multi-dimensional approach in evaluating technical trends and analyzing individual issues, while emphasizing risk control. Their relative value approach is based on fundamental bottom-up credit research of sectors and individual securities to identify attractive opportunities. This dynamic approach has been consistently applied for over 17 years and is based on:

Research – Thorough understanding of underlying credit and the drivers of their relative values from all dimensions of the market to identify mispriced securities.
Risk Management – Rigorous oversight employed throughout the investment process to help reduce volatility.
Execution – A focus on cost efficient execution, which can make a meaningful difference when managing municipal portfolios.
Value Added Strategies – Consistent implementation of four value added strategies: sector/security allocation, yield curve positioning, duration management, and buy/sell trade execution.

Our Dynamic Approach
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An affiliate of New York Life Investment Management Holdings LLC