OUR APPROACH
A Time-Tested Approach to Active Municipal Management
MacKay Municipal Managers uses an active, opportunistic approach to manage portfolios. With deep credit and relative value analysis at the cornerstone of the process, the team actively seeks the most compelling segments of the yield curve and credit spectrum—all with the goal of capitalizing on inefficiencies in the marketplace.
A Process Built on Credit Expertise
The investment process combines a top-down macro framework with a bottom-up, fundamental research approach supported by:
Sector/security allocation
Credit Analysis
Yield Curve Positioning
Buy/Sell Execution
The macro view guides positioning while maintaining duration neutrality, followed by disciplined security selection grounded in credit review and relative value. With an experienced team and strong trading relationships, the process continually evaluates valuations and acts quickly to access market opportunities.
MUNI WEEKLY UPDATE • OCTOBER 21, 2025
Credit Cracks Don’t Have Munis Worried
• Munis lean into long end bias
• Flushing toilets remains a priority
• Munis serve as recession buffers
A Process Built on Credit Expertise
The investment process combines a top-down macro framework with a bottom-up, fundamental research approach supported by:
Sector/security allocation
Credit Analysis
Yield Curve Positioning
Buy/Sell Execution
The macro view guides positioning while maintaining duration neutrality, followed by disciplined security selection grounded in credit review and relative value. With an experienced team and strong trading relationships, the process continually evaluates valuations and acts quickly to access market opportunities.
OUR TEAM
Rely on Leaders in Active Municipal Investing
In a fragmented and complex municipal market, it is critical to partner with experienced municipal managers who have successfully navigated all market cycles. MacKay Municipal Managers’ tenure, skill, and proficiency provide the foundation to seek opportunities created by market inefficiencies and pursue yield advantages and return potential.
Peter Bartlett
Senior Advisor
Robert Burke, CFA
Managing Director, Portfolio Manager/Trader
Michael Denlinger, CFA
Managing Director, Portfolio Manager/Trader
David Dowden
Managing Director, Portfolio Manager/Trader
Sanjit Gill, CFA
Director, Portfolio Manager/Trader
Matthew Hage
Director, Portfolio Manager/Trader
John Lawlor
Managing Director, Portfolio Manager/Trader
Michael Perilli, CFA
Director, Portfolio Manager/Trader
Mike Petty
Senior Managing Director, Portfolio Manager/Trader
Scott Sprauer
Senior Managing Director, Portfolio Manager/Trader
Robert Burke, CFA
Managing Director
Michael Denlinger, CFA
Managing Director
David Dowden
Managing Director, Portfolio Manager
Ian France
Managing Director
Sanjit Gill, CFA
Managing Director
Matthew Hage
Managing Director
Vineeth Krishnakumar, CFA
Managing Director
John Lawlor
Managing Director
Frances Lewis
Senior Managing Director
Michael Perilli, CFA
Managing Director
Michael Petty
Senior Managing Director
Scott Sprauer
Senior Managing Director
IN THE MEDIA
MacKay Municipal Managers Weigh In
IN THE MEDIA
MacKay Municipal Managers Weigh In
Bloomberg ETF IQ: Muni ETF Growth from Active
Eric Kazatsky, portfolio manager at MacKay Municipal Managers, joins "Bloomberg ETF IQ" to discuss the growth in municipal ETFs.
Bloomberg Intelligence: Munis in Focus
Eric Kazatsky joined “Bloomberg Intelligence” to recap an amazing month for municipal bonds performance and share his outlook for Q4.
Bloomberg Intelligence: FICC Focus
Eric Kazatsky discusses how muni markets are increasingly depending on institutional backstops—amid accelerating issuance, rising duration risk, and shifting policy headwinds.
MARKET PERSPECTIVE
MacKay Municipal Managers’ Top 5 Muni Insights
For over 15 years, the MacKay Municipal Managers team has combined disciplined research with on-the-ground market insight to navigate the evolving municipal landscape .
Their Top 5 Muni Insights distill key trends shaping the market—from shifting issuance patterns to high-yield opportunities—offering a clear perspective for advisors seeking to position client portfolios effectively.
Explore their latest mid-year outloo k to see how the team ’ s experience translates into actionable insight.
1. Tax-Exemption Value
Remains a cor nerstone of municipal investing.
1. Tax-Exemption Value
Remains a cor nerstone of municipal investing.
1. Tax-Exemption Value
Remains a cor nerstone of municipal investing.
1. Tax-Exemption Value
Remains a cor nerstone of municipal investing.
1. Tax-Exemption Value
Remains a cor nerstone of municipal investing.
1. Tax-Exemption Value
Remains a cor nerstone of municipal investing.
Investment Solutions from the Minds Behind Munis
MacKay Municipal Managers delivers a suite of municipal bond solutions, available in multiple structures.
Investment Solutions from the Minds Behind Munis
MacKay Municipal Managers delivers a suite of municipal bond solutions, available in multiple structures.
Stay Ahead with Insights from MacKay Municipal Managers
With 50,000+ muni issuers and constant market shifts, you need more than headlines. We deliver insights and expertise so you can act with conviction.
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Stay Ahead with Insights from MacKay Municipal Managers
With 50,000+ muni issuers and constant market shifts, you need more than headlines. We deliver insights and expertise so you can act with conviction.
Get the latest and subscribe:
By subscribing, you are consenting to receive personalized online advertisements from New York Life Investments. By unsubscribing, you will no longer receive personalized online advertisements from New York Life Investments.
CONTACT US
Have a Question?
Contact us to find out how our muni solutions fit into your portfolio and learn more about our broad range of investment products and solutions.
About MacKay Municipal Managers™
MacKay Municipal Managers™ is a recognized leader in active municipal bond investing and is entrusted with $XX billion in assets under management, as of December 31, 2025. The team manages a suite of highly rated municipal bond solutions available in multiple vehicles. MacKay Municipal Managers™ is a fundamental relative-value bond manager that combines a top-down approach with bottom-up, credit research. Our investment philosophy is centered on the belief that strong long-term performance can be achieved with a relative value, research driven approach in a highly fragmented, inefficient municipal bond market.
About MacKay Shields LLC
MacKay Shields LLC (together with its subsidiaries, "MacKay")*, a New York Life Investments company, is a global asset management firm with $158B billion in assets under management** as of September 30, 2025. MacKay manages fixed income strategies for high-net worth individuals and institutional clients through separately managed accounts and collective investment vehicles including private funds, collective investment trusts, UCITS, ETFs, closed end funds and mutual funds. MacKay provides investors with specialty fixed income expertise across global fixed income markets including municipal bonds, high yield bonds, investment grade bonds, structured credit, and emerging markets debt. The MacKay Shields client experience provides investors direct access to senior investment professionals. For more information, please visit www.mackayshields.com or follow us on Twitter or LinkedIn.
* MacKay Shields is a wholly owned subsidiary of New York Life Investment Management Holdings LLC, which is wholly owned by New York Life Insurance Company. "New York Life Investments" is both a service mark, and the common trade name of certain investment advisers affiliated with New York Life Insurance Company.
** Assets under management (AUM) as of December 31, 2025 represents assets managed by MacKay Shields LLC and its subsidiaries but excludes certain accounts and other assets over which MacKay Shields continues to exercise discretionary authority to liquidate but which are no longer actively managed.
About Risk
Municipal Bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. Bonds face interest-rate and credit risk. When interest rates rise, bond values can decrease, and there's a risk that the issuer may not pay interest or principal on time.
High-yield or “junk bonds” are speculative due to their higher risk of loss compared to higher-quality securities. Municipal bonds issued by or on behalf of states or municipalities may experience increased volatility as a result of adverse fiscal, economic, or political developments affecting those issuers.