Across developed and emerging markets, price and risk have reconnected. Income has returned not as a defensive cushion, but as a portfolio level opportunity to capture durable, differentiated returns.
Public fixed income is a conviction-based cornerstone for institutional portfolios especially amid policy recalibration, geopolitical instability, and increasing dispersion across sectors and regions.
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Taxable Munis Outperformed Similarly Rated Sectors
The 5-10 year taxable municipal segment sits well above similarly rated sectors, delivering attractive returns with similar or lower volatility, reinforcing its case as a strategic allocation within core portfolios.
Data from June 30, 2006 to May 31, 2025
US Treasury: Bloomberg U.S. Treasury Index; US Agg: Bloomberg U.S. Aggregate Bond Index; IG Corps: ICE BofA U.S. Corporate Index; MBS: Bloomberg U.S. Mortgage BackedSecurities Index; Taxable Munis: ICE BofA Taxable Municipal Bond Index; ABS: ICE BofA U.S. Fixed Rate Asset Backed Securities Index; CMBS: ICE BofA U.S. Fixed Rate CMBS Index
Efficient frontier analysis is a portfolio optimization technique to illustrate a portfolio’s or asset’s maximum return for a given level of risk. The efficient frontier analysis above is index-based; MacKay Shields’ portfolios are actively managed and would vary from any applicable or benchmarked index. Actual portfolios would be subject to fees and expenses.
No fees or expenses were included in the results above. No representation is made as to the accuracy and completeness of information contained in this presentation that has been obtained from third parties.
Please see disclosures and index descriptions here. It is not possible to invest directly in an index. Past performance is not indicative of future results.
Source: Bloomberg
Insights brought to you by MacKay Shields, a New York Life Investments Company.
MacKay Shields is a global boutique investment firm with expertise across global fixed income markets including municipal bonds, structured credit, corporate credit and emerging market debt. For decades, MacKay Shields delivered specialty fixed income solutions backed by disciplined research and a commitment to providing long-term value for our clients. Learn more at mackayshields.com.
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