For example, among issuers whose secured debt has a BBB rating and unsecured a BB rating, they will buy the former when high-yield bond yield spreads tighten and the latter when they widen.

They keep the portfolio's duration close to the benchmark, the Bloomberg 3+ Year Non-AMT Municipal Bond Index, without using derivatives to hedge interest-rate exposure. It’s a relatively simple ...

James Bickerton is a Newsweek U.S. News reporter based in London, U.K. His focus is on covering news and politics in Texas, as well as other general news across the United States. James joined ...