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MacKay Strategies

Philosophy & Process

MacKay Shields investment teams utilize their own philosophy, processes, and experience to add value across capital markets.

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2Q 2025 Specialty Fixed Income Outlooks

Explore key trends shaping the fixed income market with perspectives from our specialty fixed income teams. MacKay Shields examines the evolving risk and return dynamics in global fixed income.

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We strive to meet the objectives and values of our clients; care for our employees; and promote the well-being of the communities in which we invest, work, and live.

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who we are megamenu

Leader In Specialty Fixed Income

We are dedicated to investing for trusted clients globally, while ensuring the health of our company culture and the prosperity of our local communities.

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MacKay Municipal Managers™

Our team’s strategies seek income, capital preservation, and total return focused on deep credit research and security selection using an active, relative value approach.  

Overview

Overview

          

The tenure, skill, and proficiency is the bedrock of our ability as we seek to capitalize on market inefficiencies in order to build yield advantage and generate return through in-depth credit research. 

          

Strategies

Strategies

MacKay Municipal Managers™ Strategies

          

STRATEGY
SEPARATE ACCOUNT
PRIVATE VEHICLES
MUTUAL FUNDS
ETF
FACT SHEET

Municipal Investment Grade

 1

 

 1

 

 1

1
1

1

Municipal High Yield

 1

 

 1

 

 1

1
1

1

Municipal Short Term

 1

 

 1

 

 1

1
1

1

Municipal Long Term

 1

 

 1
1
1
1
1

Municipal Intermediate

 1

 

 1

 

 1

1

1
1

Municipal Capital Trading

 1

 

 1

 

 1
1
1
1

Municipal Taxable

 1

 

 1

 

 1

1
1

1

Municipal High Income

 1

 

 1

 

 1
1
1
1

Municipal Opportunities Allocation

 1

 

 1

 

 1
1
1
1

Municipal New York

 1

 

 1

 

 1

1
1
1

Municipal California

 1

 

 1

 

 1

1

1
1

Municipal Arizona

 1

1
1

1
1
1

Municipal Colorado

 1

1
1

1
1
1

Municipal Oregon

 1

1
1

1
1
1

Municipal Utah

 1

1
1

1
1
1

Strategic Municipal Allocation

 1

1
1

1
1
1

          

MacKay Municipal Managers™ Team

MacKay Municipal Managers™ Team

          

MacKay Municipal Managers™ Team

MacKay Municipal Managers™ Team

A team of nearly 30 dedicated employees with an average of 20 years’ experience and co-CIOs who have worked together since 1993. 

Meet the Team
MacKay Municipal Managers™ Team

          

          

“What I’m most proud of is that we are really happy to come to work every day. Our team really likes what we do and we like working together. We’re also acutely aware that working at MacKay is not a job, it’s a profession.” — John Loffredo, Team Co-Head

          

Insights

Insights

          

FEATURED INSIGHTS

5 MIN READ
Perspectives July 8, 2025
Turn of Spreads Set to Lure High Yield Muni Tourists
President Trump signs into law the “One Big Beautiful Bill Act”. Municipals fail to follow post tax bill rate dump. High Yield Muni spreads look to normalize from cycle tights.
3 MIN READ
Podcasts and Webcasts April 18, 2025
Weathering Market Volatility
MacKay Municipal Managers team remains vigilant in assessing changes that the recent tariff policy’s impact has on the broader municipal market including the state and sector level.
3 MIN READ
Perspectives March 31, 2025
2025 Taxable Municipal Themes
Demand for taxable municipals will remain elevated as absolute yields and solid credit fundamentals provide a haven during a period of global economic uncertainty.
3 MIN READ
February 7, 2025
Taxable Municipal Bonds: An Overlooked Asset Class 2025
Contrary to conventional thinking, taxable municipals are a compelling solution within fixed income portfolios, as they offer a high-quality issuer base, low historical default rates, attractive yield potential, and total return potential.
10 MIN READ
January 31, 2025
US Taxable Municipal Bonds: Beyond the Basics
Preferential capital treatment, low correlations, historically stable ratings, and ESG friendly credits, have piqued institutional interest in the taxable municipal bond asset class.
5 MIN READ
January 10, 2025
MacKay Municipal Managers Top 5 Municipal Market Insights 2025
2025 will be a year of getting “back to normal” for the municipal market, according to MacKay Municipal Managers.
2 MIN VIDEO
Perspectives December 13, 2024
Municipal Credit Research Q&A: Why It Matters Now More Than Ever
Full time professional credit research all day and every day has never been more critical in the municipal market.
December 10, 2024
Taxable Municipals: Complement to Core Bonds
Taxable Municipals can be a strategic complement to core bonds in your portfolio, helping to reduce risk and generate income. Watch to learn more.
April 8, 2024
Seismic Shifts Set the Scene for Active Security Selection
Why we believe municipal bonds remain a strong late-cycle asset class, offering attractive relative value opportunities from fundamental security selection.
5 MIN READ
March 25, 2024
Taxable Municipal Bonds: An Overlooked Asset Class
Municipal bonds are historically excluded from qualified retirement plans and IRAs. Yet, they are a compelling solution within fixed income portfolios.
February 5, 2024
MacKay Moments - Strategic Alternative to Investment Grade Corporates
During recent recessionary periods, upgrades outpaced downgrades in the municipal market, providing stability in unpredictable times.
5 MIN READ
January 11, 2024
MacKay Municipal Managers Top 5 Insights for 2024
The Year of FUNDamental Municipal Investing
December 20, 2023
MacKay Moments - Durable Income with Taxable Munis
Learn about the benefits of higher yields, positive roll-down effects, and enhanced credit quality compared to corporates.
3 MIN READ
October 26, 2023
High Quality, Durable Income with Taxable Munis
With a late cycle economy and sticky inflation, investing in higher credit quality fixed income bonds with durable income yields, may earn longer term benefits.
5 MIN READ
July 20, 2023
MacKay Municipal Managers Mid-Year Insights for 2023
Preparation Seizes Opportunity – Higher Accruals Set the Pace
3 MIN VIDEO
June 27, 2023
Thriving Late-Cycle: Municipal Bonds
Robert Burke discusses the benefits and opportunities offered by taxable municipal bonds that complements an investor's core bond allocation.
3 MIN READ
January 12, 2023
2023 Municipal Market Insights
Looking ahead to the year 2023, the MacKay Municipal Managers team provides their top 5 market insights on the year to come.
8 MIN READ
December 9, 2022
US Taxable Municipal Bonds: Beyond the Basics
Preferential capital treatment, historically stable ratings, and ESG friendly credits, have piqued institutional interest in the taxable municipal bond asset class.
3 MIN READ
November 4, 2022
What We Expect from the 2022 Midterm Elections
MacKay Municipal Managers consider public policy and the political landscape to be a critical component of the team’s investment process.
4 MIN READ
July 31, 2022
MacKay Shields 2022 Municipal Bond Market Insights: Mid-Year Update
We believe the municipal bond market offers relatively attractive prices and yields, and credit health remains solid.
4 MIN READ
January 13, 2022
MacKay Municipal Managers’ Insights for 2022
Recent events are altering our future: where we live, how we work, learn and communicate and how to prudently invest in municipal bonds.
8 MIN READ
March 7, 2022
Dislocations in the Taxable Municipal Market Today
With the geopolitical tensions and changing monetary policies globally, we have seen elevated volatility in both the fixed income and equity markets since Q1.

Muni360

Muni360

Muni 360 Podcast

Listen to the most recent podcast, as the seasoned active investors at MacKay Municipal Managers share their latest views on the municipal market.

All Episodes
Muni 360

The Muni 360 Podcast

 

 

 

 

 

 

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