2025 INVESTMENT OPPORTUNITES FROM NYLIM
Optimize After-Tax Returns

All investments are subject to market risk, including the potential loss of principal. Past performance is not indicative of future results. Investment returns and principal value will fluctuate, and investors may experience gains or losses upon redemption.​

Fixed income securities are subject to interest rate risk; when interest rates rise, bond prices generally fall. They are also subject to credit risk, where the issuer may fail to make timely payments of interest or principal. High-yield (non-investment-grade) securities carry a greater risk of default and price volatility compared to higher-rated securities. Short-duration strategies may help mitigate interest rate risk but can still be affected by changes in interest rates and market conditions.​

Tax-equivalent yields are used to compare taxable and tax-exempt investments. They are based on federal income tax rates and do not account for state or local taxes. Actual after-tax returns will vary based on an investor's tax situation. Investors should consult with their tax advisors to understand the implications of their investments.​

Diversification cannot assure a profit or protect against loss in a declining market.

The Sharpe Ratio is a measure of risk-adjusted return, calculated by dividing the excess return of an investment over the risk-free rate by its standard deviation. It is used to understand the return of an investment compared to its risk. A higher Sharpe Ratio indicates better risk-adjusted performance.​

This material is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information provided does not consider the specific objectives or circumstances of any particular investor. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their financial professionals.​
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Yield to Worst (YTW) refers to the lowest yield an investor can receive from a bond if it is called or matures early.​

​The Bloomberg Municipal Bond Index tracks the performance of investment-grade U.S. municipal bonds issued by state and local governments. ​

​The Morningstar Passive Muni National Intermediate Category includes mutual funds and exchange-traded funds (ETFs) that passively track the performance of a broad, intermediate-term U.S. municipal bond index. These funds typically invest in investment-grade municipal bonds with maturities ranging from 5 to 10 years.​