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1. AB
2. Solutions | Municipal Bond Investments
Municipal Bonds
MUNICIPAL BOND SOLUTIONS. SMART THINKING.
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This Week’s Muniland
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Ahead of the Fed: Don’t Delay Return to the Muni Market
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Muni Webpage
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THE AB MUNI ADVANTAGE
Hear from muni team members Matt Norton and Daryl Clements about how AB’s
municipal strategies infuse legacy with technology on a platform that actively
manages over 22K client portfolios and $53B in Municipal assets.
DISTINCTIVE CAPABILITIES
We've honed our municipal skills over three decades. Combining human talent and
leading-edge technology, we bring all our capabilities to bear as we strive to
deliver better outcomes for clients.
ADVANCED DESIGN
We tailor portfolios to clients' unique needs--actively managed, with the
flexibility to pursue opportunities in a dynamic arena.
RESEARCH DRIVEN
A powerful mix of fundamental and quantitative research empowers AB to navigate
a complex, fragmented muni marketplace.
TAX OPTIMIZATION
An active, tech-driven approach uncovers opportunities in real time, using
year-round tax harvesting to transform investments that have lost money into tax
winners.
PROPRIETARY TECHNOLOGY ACCELERATES MUNICIPAL TRADING CAPABILITIES
AB integrates quantitative and fundamental research into the investment process
to give investors access to more alpha sources through AbbieOptimizer, AB’s
one-of-a-kind technology.
AbbieOptimizer harnesses the power of technology to combine ALFA’s real time
liquidity analysis with quantitative and fundamental insights. It’s the key to
generating alpha through trading, speed and tax management in AB’s Muni bond
portfolios.
The Result? We can take a custom client portfolio from inception to execution
faster with more alpha opportunities than traditional processes.
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Featured Products
1. Separately Managed Accounts
2. Mutual Funds
3. ETFs
AB Tax Aware Fixed Income Portfolio (SMA)
An active core municipal bond strategy that combines flexibility and innovation
to increase after-tax returns and reduce volatility
AB Municipal Income Portfolio (SMA)
An active core municipal strategy that primarily invests in investment-grade
bonds, and seeks to bolster tax-exempt income with selective investments in high
yield
AB Municipal High Quality Portfolio (SMA)
Conservative, high-quality, actively-managed municipal bond portfolio that seeks
the highest available level of current income exempt from federal taxes while
maintaining overall portfolio risk
AB Tax Aware Limited Duration Portfolio (SMA)
An active, limited-duration municipal bond strategy that combines flexibility
and innovation to increase after-tax returns and reduce volatility
AB Municipal Impact Portfolio (SMA)
Diverse portfolio of high-quality core municipal bonds focused on issuers that
intend to make a positive environmental and/or social impact
More SMA Funds
ATTYX
AB Tax-Aware Fixed Income Opportunities Portfolio
An active core municipal bond strategy that combines flexibility and innovation
to increase after-tax returns and reduce volatility
AUNYX
AB Municipal Bond Inflation Strategy
Combines high-quality munis with a tax-efficient inflation hedge for a
distinctive structure that can bolster after-tax returns and outperform during
rising inflation periods.
ABTYX
AB High Income Municipal Portfolio
A high-income fund that seeks to maximize risk-adjusted after-tax returns with
the “smart” part of the credit curve by focusing on more-liquid midgrade munis
to provide greater flexibility to maneuver during unpredictable markets.
ALTVX
AB National Portfolio
A core-plus municipal bond portfolio that seeks to provide high tax-exempt
income
AIDYX
AB Intermediate Diversified Municipal Portfolio
Intermediate duration municipal bond portfolio that seeks to provide tax-exempt
income and stability
ALCVX
AB California Portfolio
A core-plus municipal bond portfolio that seeks to provide high income exempt
from federal and California state taxes
More Mutual Funds
TAFI
AB Tax-Aware Short Duration Municipal ETF
The Fund seeks to provide relative stability of principal and a moderate rate of
after-tax return and income.
TAFM
AB Tax-Aware Intermediate Municipal ETF
An actively managed, short-duration municipal bond ETF that possesses enhanced
flexibility to seek asset stability with attractive after-tax returns
TAFL
AB Tax-Aware Long Municipal ETF
An actively managed, long-duration municipal bond ETF that possesses enhanced
flexibility to seek asset stability with attractive after-tax returns
More ETFs
SMA
Custom Muni Bond
Create a municipal bond portfolio tailored to each client’s needs
Learn More
Featured Resources
Investment Insights
What Muni Investors Need to Know Now: We Answer Your Questions
Daryl Clements
Looming Fed rate cuts, an inverted yield curve and widening budget gaps have
raised muni investors’ eyebrows.
Learn More
Investment Insights
Ahead of the Fed: Don’t Delay Return to the Muni Market
Historically, those who delayed reinvesting in munis until rate cuts began gave
up returns.
Learn More
Investment Insights
A Tale of Two Alphas: How Technology Enables Optimal Investing
Discover how technology can help municipal bond managers achieve best execution
and deploy capital quickly, without sacrificing alpha.
Learn More
Analysis Tools
INTRODUCE AB TO YOUR CLIENTS
INDIVIDUAL MUNI BOND ANALYSIS
AB offers Advisors a custom analysis of individual muni bond portfolios
featureing a detailed look at portfolio characteristics, key risks, and
transitional analysis.
Request an Analysis
CUSTOM CLIENT-FACING PROPOSALS
AB offers customized, client-approved presentations to educate investors on
positioning and to showcase a sample fully invested portfolio. We help you help
your clients.
Request a Proposal
DELIVER PERSONALIZED SERVICE
PORTFOLIO FUNDING SCORECARDS
For every new muni SMA account, AB provides a portfolio-funding scorecard. It
highlights how we leverage trading and portfolio-management innovation, creating
potential for additional tech-enabled alpha.
Download
MUNI SMA TAX-LOSS SCORECARD
At AB we don't believe that tax-loss harvesting should only happen at year-end
so we offer access to AbbieOptimizer to systematically screen for attractive
tax-loss sale candidates any time for any muni SMA account.
Download
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MUNILAND
Stay current on the fast-paced municipal market with weekly insights and
commentary delivered directly to your inbox.
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Thank You
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investment insights straight to your inbox.
The Team
Matthew Norton Chief Investment Officer—Municipal Bonds
18
Years
At AB
18
Years
Experience
LocationNew York, US
Daryl Clements Municipal Portfolio Manager
22
Years
At AB
33
Years
Experience
LocationNew York, US
Marc Uy Portfolio Manager—Municipal Impact
20
Years
At AB
20
Years
Experience
LocationNew York, US
Andrew Potter, CFA Portfolio Manager—Municipal Bond
16
Years
At AB
16
Years
Experience
LocationNew York, US
Portfolio team is subject to change. Some individuals are members of multiple
teams. As of February 8, 2023.
EXPERIENCE IN MEETING INVESTORS’ NEEDS
30+ Years*
Managing Municipal Portfolios
$725 Billion*
Firm Assets Under Management
$61 Billion*
Municipal Assets Under Management
27+ Thousand*
Municipal Investment Portfolios Managed
*as of December 31, 2023
FAQs
Why are municipal bonds effective investments for a portfolio?
Tax-exempt muni bonds hold numerous advantages over corporate bonds—a big one is
that the interest investors earn is exempt from federal taxes and most state and
local taxes, considered tax-free income. Munis are also known to have low
default rates, help offset equity volatility and add stability.
How can investors access municipal bond strategies?
Munis are available as individual investments or through exchange- traded funds
(ETFs), mutual funds and separately managed accounts (SMAs), with strategies
that range from simple to highly sophisticated. Investors can put their money in
individual bonds, a bond ladder strategy that consists of a series of bonds with
different interest rates and maturity dates, or a custom solution that uses
technology to design a sophisticated basket of muni bonds based on individual
preferences.
What are crossover trades and how does AB use them?
AB has the unique flexibility to make “crossover” trades into the taxable bond
market, for some portions of portfolios, in order to exploit relatively
attractive US Treasury valuations, minimize volatility, boost after-tax
portfolio yield and provide more liquidity and a safe haven during market
stresses. A recent example was March 2020, as COVID-19 intensified.
What is Speed Alpha?
The added income accrued by investing portfolios faster than the industry
average. With AbbieOptimizer we’ve been able to fully invest a new muni
portfolio from cash in 10 days, a 71% improvement from the 35-day average in
2017.
What is Trading Alpha?
Trading Alpha is the average of AB’s execution price less the bond’s end of day
evaluation price on that day divided by the account AUM.
What is Tax Alpha?
A measure of relative outperformance attributable to tax- optimization
strategies.
Are any of AB’s muni products ESG-related?
AB’s Municipal Impact Portfolio promotes and favors investments in historically
underserved and low-socioeconomic communities.
This solution uses a proprietary scoring model. Each investment has a specific
intention, to deliver positive environmental and/or social impact. The team
tracks that intention through key performance indicators specific to individual
sectors (education, healthcare, energy efficiency, mass transit, sustainable
water and economic community development).
How does AB harvest tax losses for the client’s benefit?
When portfolios realize losses, it generates tax savings that can be reinvested
at higher market yields. Active tax optimization scans fixed-income SMAs in
conjunction with client tax data coded into our systems. This process identifies
and trades to generate the best after-tax returns tailored for each client.
What are completion funds and how does AB use them?
AB first used completion funds in 2010, increasing our flexibility to make
strategic and tactical shifts in less liquid market segments. These funds bring
access to diversification and opportunities that would be hard to get with
individual bonds. The general public can’t invest in completion funds (aka
income shares or commingled vehicles)—they’re exclusively for SMAs.
What is inflation protection?
As tax-aware investors, we always assess securities and trade ideas, including
inflation protection, in after-tax terms. At times, incorporating inflation
protection can add returns and preserve real purchasing power. That’s why AB has
the flexibility to allocate to tax-efficient inflation protection via Consumer
Price Index swaps, which generally have a favorable tax profile versus other
approaches.
What are municipal bonds?
A municipal bond (or “muni”), is a debt security issued by a government entity
to help fund local civic projects. Think of munis as loans that investors make
to local governments. They help fund capital projects like building roads and
schools. In exchange, investors receive regular interest payments during the
bond’s life and the repayment of the bond’s principal amount when the bond
matures.
Latest Insights
Investment Insights
Muniland: First Half in the Books
Jul 1st, 2024 / 4 min read
Daryl Clements
The month of June has played out much like May. The first couple of weeks saw
positive performance, only to witn...
Investment Insights
Muniland: Munis Move Sideways
Jun 24th, 2024 / 4 min read
Daryl Clements
Munis have been on a pretty good run month to date, with the Index up 1.76%. As
such, it is not unexpected to see t...
Investment Insights
Muniland: Hello McFly, Anybody Home
Jun 17th, 2024 / 4 min read
Daryl Clements
As Biff famously asked Marty McFly in the movie Back to the Future, “Hello?
Hello? Anybody home?” We hope investors ...
View All Insights
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Investors should consider the investment objectives, risks, charges and expenses
of the Fund/Portfolio carefully before investing. For copies of our prospectus
or summary prospectus, which contain this and other information, contact your
financial representative. Please read the prospectus and/or summary prospectus
carefully before investing.
There is no assurance that a separately managed account will achieve its
investment objective. Separately managed accounts are subject to market risk,
the market values of securities owned will fluctuate so that your investment,
when redeemed, may be worth more or less than its original cost.
Tax Loss Harvesting (Tax Alpha) Disclosure: AB employs a tax loss harvesting
program within its separately managed accounts. This may be achieved through
screening for unrealized losses within portfolios and comparing the benefit of
selling (tax benefit) relative to the cost of selling (estimated market
transaction cost). ABs tax loss harvesting algorithm considers other factors as
well such as tax drag on positions, considerations around replacement bonds and
step-out custodial ticket charges if applicable.
The tax loss harvesting program is run based on Portfolio Management discretion.
Whether the algorithm is run on a given day is dependent upon a number of
factors including market liquidity conditions, portfolio cash levels,
anticipated future active investment decisions within portfolios or strategies,
among other considerations. While AB does anticipate regular tax loss harvesting
via this program, AB does not guarantee a minimum frequency of tax harvesting
within the program overall or an account specifically.
Should portfolio management deem it appropriate to run the tax loss harvesting
program on a given day the algorithm recommends a list of suggested sales. These
can be executed on a discretionary basis. AB has controls in place when
executing trades to ensure the anticipated tax benefit evaluated by the
algorithm is in-line with market executable levels; this is controlled via upper
and lower limit prices on tax loss harvest sales. Market execution of a
suggested tax loss sale is not guaranteed; intra-day market movement, changes in
liquidity conditions, inability to execute within limits, trader discretion,
among other factors may result in non-executed tax loss harvesting trades.
On an ongoing basis specific accounts are evaluated for eligibility to
participate in the tax loss harvesting program. Specific accounts or positions
may not be eligible for the tax loss harvesting program based on a number of
factors. This includes missing cost basis data, availability of other evaluated
data and decision analytics, portfolio positioning relative to portfolio
management targets, account tradeable status based on position reconciliation or
client directed freeze, among other factors.
Tax alpha, or the additional return generated from active tax management
after-tax, will differ amongst strategies, portfolios and market environments.
Speed Alpha Disclosure: AB utilizes technology to remove operational friction
from the traditional fixed income SMA investment process. This can include
direct integration of real-time bond liquidity and proprietary optimization of
portfolios based on account customizations.
Through the automation of many traditionally manual aspects of fixed income SMA
investing, AB may be able to fund portfolios more quickly than the typical
industry average. AB measures this benefit by comparing AB investment time of a
portfolio relative to an assumed industry average of 50 days. AB's process may
result in a faster than typical funding time, generating additional income on a
relative basis which we call "Speed Alpha”. We seek to utilize competitor yield
proxies that are consistent with the client portfolio being analyzed. For
example, intermediate duration strategies are compared against intermediate
benchmarks. The competitor yield proxy will change based on the AB account
strategy and the appropriate representative benchmark.
Note that actual funding times can and will vary based on portfolio management
discretion, account strategy, portfolio size, market liquidity and technicals,
among other factors. For example, a portfolio focusing on a particular specialty
state may have a smaller liquid investable universe of bonds; this may result in
longer funding times. In addition funding speed is ultimately at portfolio
management discretion and there will be environments where investing more slowly
is intentionally pursued.
There is no guarantee AB funding times will be faster than industry average or
competitors, or that Speed Alpha will be generated. Additionally, Speed Alpha
will vary amongst strategies, portfolios and market environments.
Trading Alpha Disclosure: AB utilizes technology to systematically screen for
fixed income liquidity ingested into our proprietary optimization process. On
average AB sees 50,000+ unique offers and bid-wanteds daily across a large
variety of venues and liquidity providers.
The ability to aggregate fixed income liquidity within an optimization allows AB
to quickly and efficiently curate attractive trade opportunities in a highly
fragmented market. One attribute (among many) utilized in liquidity screening is
offer price levels and identification of bid wanteds. This can include
systematically curating liquid universes of bonds offered to AB at levels deemed
cheap or attractive based on portfolio management discretion.
Our real-time liquidity screening process may allow AB to capture Trading Alpha
on behalf of clients. Trading Alpha is measured as the difference between a 3rd
party pricing service mark (end of day) relative to the executed AB price. This
is tracked across all trades executed by AB.
There is no guarantee AB execution will result in Trading Alpha. Additionally,
Trading Alpha will vary amongst strategies, portfolios and market environments.
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