And a great story on the Bloomberg terminal, Mohammed, about you and your team and really just the decision making you guys had to make back in April, back in March. And, well, a lot of people were bailing or at least thinking about bailing on US assets. You stood firm and you've reaped the benefits.Explain why. Thank you, Romain. Thank you, David, for having me.I think the context is at that time there was plenty of uncertainty and the view was that this tariff related uncertainty will further add to the c ...

Core Insights - The municipal bond market is experiencing a positive shift as Q3 shows strong performance, suggesting that fixed income investors should consider municipal exposure in their portfolios [1][2][3] Market Performance - An oversupply of municipal bonds at the beginning of the year has improved, with Q3 seeing increased demand and municipal bonds outperforming broader bond indexes [2][3] - Yields across the municipal bond curve have decreased, with longer maturities providing the best returns due to higher duration, highlighting a steep yield curve with attractive long-end valuations [3] Investment Solutions - Vanguard offers low-cost passive solutions such as the Vanguard Tax-Exempt Bond ETF (VTEB), which tracks the performance of investment-grade municipal bonds and has an expense ratio of three basis points [4] - For active management, the Vanguard Core Tax-Exempt Bond ETF (VCRM) is recommended, featuring a 12-basis point expense ratio and the ability to adjust holdings based on market conditions [5] - The Vanguard High-Yield Active ETF (VGHY) is a new actively managed option with a 0.22% expense ratio, designed to navigate the complexities of the high-yield municipal market [6]

Overall Performance - As of November 20, 2025, there are 1,500 public pure fixed-income products with investment periods of 1-2 years, with 928 products having complete net value disclosures. The average net value growth rate over the past year is 2.97%, and the average maximum drawdown is 0.18. Approximately 30% of the products achieved positive returns each quarter, totaling 282 products [6]. - The ranking includes 10 wealth management companies, with Huaiyin Wealth Management and China Post Wealth Management securing the top two positions, both with net value growth rates exceeding 4% over the past year [6]. Highlighted Product Analysis - The top product, "Tianying" fixed-income wealth management product 105 by Huaiyin Wealth Management, has a net value growth rate of 4.29% and a maximum drawdown of only 0.000653%. The asset allocation primarily consists of non-standard assets, bonds, and bond-type public funds, with a significant holding in the "CITIC Trust·Huixing No. 6 Trust Plan" at 41.68% [7]. - The third-ranked product, "Zhulian Bihuo Xinyi Stable Two-Year 48 Period" by Nanyin Wealth Management, shows a net value growth rate of 3.96% and a maximum drawdown of just 0.04%. The product manager indicated plans to flexibly use leverage to explore potential investment opportunities in the next phase [7].

Core Insights - BondBloxx Investment Management has been recognized as the Best International Fixed Income ETF Issuer for its BondBloxx JP Morgan USD Emerging Markets 1–10 Year Bond ETF (XEMD) at the 2025 ETF Express Awards [1][2] - The firm manages over $6 billion in assets across 27 fixed income ETFs, showcasing its expertise in diversified bond strategies [2] - BondBloxx has received multiple awards recently, including Best Fixed Income Asset Manager at the 2025 WealthManagement.com Industry Awards for its BondBloxx Private Credit CLO ETF (PCMM) [3][4] Company Overview - BondBloxx is the first ETF issuer focused solely on fixed income, offering a variety of exposures including U.S. Treasuries, investment grade and high yield corporate bonds, emerging markets bonds, tax-aware strategies, and private credit [5] - The company aims to bring innovation and precision to the fixed income ETF market, helping investors access opportunities across bond markets [3] Awards and Recognition - The ETF Express Awards highlight innovation and excellence among ETF issuers and service providers globally [2] - BondBloxx was also a finalist for Asset Manager of the Year at the 2025 Money Management Institute/Barron's Industry Awards, emphasizing its leadership in the investment management industry [4]

Core Insights - The U.S. Federal Reserve has implemented its first rate cut of 2025, leading to speculation about the pace of future cuts in the capital markets [1] Group 1 - Fixed income investors are particularly focused on the implications of the recent rate cut and potential future cuts [1]

Core Points - PIMCO closed-end funds have declared monthly distributions for December 1, 2025, with an ex-dividend date of November 14, 2025 [1] - The distribution amounts for various funds remain unchanged from the previous month [1] - The funds include PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, and others, with specific monthly distribution amounts listed [1] Fund Distribution Information - PIMCO Corporate & Income Strategy Fund (PCN) has a monthly distribution of $0.112500, with an annualized current distribution rate of 11.33% based on NAV and 10.09% based on market price as of September 30, 2025 [2] - PIMCO Corporate & Income Opportunity Fund (PTY) has a monthly distribution of $0.118800, with an annualized current distribution rate of 11.99% based on NAV and 9.87% based on market price [2] - Other funds such as PIMCO Global StocksPLUS® & Income Fund (PGP) and PIMCO High Income Fund (PHK) also have specific monthly distributions and annualized current distribution rates [3] Performance Metrics - Average annual total returns for PIMCO Corporate & Income Strategy Fund (PCN) are 11.65% for 1 year, 10.12% for 5 years, and 10.88% since inception [4] - PIMCO Corporate & Income Opportunity Fund (PTY) shows returns of 14.55% for 1 year and 12.81% since inception [5] - PIMCO Dynamic Income Fund (PDI) has a 1-year return of 14.11% and a market return of 12.75% [5] Tax Information - Distributions from PIMCO Municipal Income Fund II (PML), PIMCO California Municipal Income Fund (PCQ), and PIMCO New York Municipal Income Fund II (PNI) are generally exempt from federal income taxes [7] - The tax treatment of distributions may vary, and some distributions may include a return of capital [8] Additional Information - PIMCO was founded in 1971 and is recognized as a leading fixed income investment manager with a global presence [21] - The funds are traded on the New York Stock Exchange and may experience price fluctuations based on market conditions [12][13]

Core Insights - Coign Capital Advisors increased its stake in the Eaton Vance Total Return Bond ETF by 89,612 shares in Q3, valued at approximately $4.6 million based on average share price [2][6] - The acquisition raised EVTR's share to 8.5% of Coign's reportable assets under management, making it the largest holding in the fund [3][6] - As of September 30, Coign held a total of 298,819 shares of EVTR [2] ETF Overview - The Eaton Vance Total Return Bond ETF has assets under management (AUM) of $3.6 billion and a current price of $51.55, reflecting a 2.3% increase over the past year [4][3] - The fund's one-year total return stands at 7.1% [4] Investment Strategy - EVTR focuses on a diversified portfolio of U.S. dollar-denominated, investment-grade fixed-income securities, including government, corporate, municipal, and mortgage- and asset-backed bonds [5] - The fund aims to balance income generation with capital preservation through broad sector and issuer diversification, targeting institutional investors seeking stable income [5] Market Context - Coign's purchase of EVTR aligns with a defensive investment strategy as yields stabilize, indicating a shift towards balanced fixed-income exposure [6][7] - The fund has returned approximately 7% year-to-date with a 30-day SEC yield of 4.7%, investing across Treasuries, corporate credit, and securitized debt [7] - The moderate yield-to-worst of 5.38% and the mix of investment-grade bonds are appealing for long-term investors seeking steady income with lower duration risk [9]

Economic Overview - The recent Consumer Price Index (CPI) report showed inflation cooler than expected, leading to a slight dip in the 10-year yield, which is currently hovering around the key 4% level [1][3][9] - On a relative basis, the CPI came in below expectations, which was positively received by the market, resulting in a rally in treasuries [2][3] Inflation Insights - Despite the positive relative performance, inflation remains above the Federal Reserve's 2% target, indicating ongoing concerns [3][4] - The CPI report revealed mixed trends, with some components like owner's equivalent rent decreasing, while goods prices, particularly in apparel, are starting to rise, potentially due to tariff impacts [7][8] Interest Rate Expectations - There is an expectation for a 25 basis point rate cut, with the likelihood of this occurring next week or possibly in December, depending on economic developments [4][6] Fixed Income Opportunities - The fixed income market presents attractive opportunities, particularly in the municipal bond sector, which offers tax-exempt interest income and generally high credit quality [10][11] - The current yield environment, especially after recent years, is considered attractive for investors seeking income options [9][10]

Core Insights - The article discusses the appeal of municipal bonds as a tax-efficient investment option for investors looking to reduce capital gains payments as the tax year ends [1][2] - Active ETFs, particularly those focused on municipal bonds, are highlighted as a way to maximize returns while benefiting from tax exemptions [3][4] Group 1: Municipal Bonds Appeal - Municipal bonds are positioned as a solid alternative for fixed income assets, especially as certain bond segments lose appeal due to falling rates [2] - The tax-exempt nature of municipal bonds can significantly reduce the total tax bill for investors, which is particularly relevant if the stock market performs well in 2025 [2] Group 2: Active ETFs and Performance - The T. Rowe Price Intermediate Municipal Income ETF (TAXE) is presented as a strong option, charging a fee of 24 basis points while actively investing in municipal bonds exempt from Federal taxes [3][4] - TAXE has achieved a year-to-date return of 5.1% and offers a current yield of 4.44% as of September 30, showcasing its competitive performance [4]

Core Insights - Bluestem Financial Advisors purchased 105,000 shares of the Vanguard Total Bond Market ETF for approximately $7.7 million, making it the largest holding by value in their portfolio [2][6] - The Vanguard Total Bond Market ETF now constitutes 21.5% of Bluestem's reportable assets under management as of September 30 [3][8] - The ETF offers exposure to around 10,000 investment-grade U.S. bonds, providing broad diversification across various fixed-income sectors [5][9] Company Overview - Bluestem Financial Advisors has assets under management totaling $139.3 billion [4] - The current price of the Vanguard Total Bond Market ETF is $74.28, reflecting a 0.3% increase year-over-year [3][4] - The ETF has a 30-Day SEC Yield of 4.15% and a low expense ratio of 0.03%, making it a cost-efficient option for investors [7][4] Investment Strategy - The purchase of the Vanguard ETF indicates a shift towards fixed income by fiduciary firms after a volatile bond market [6] - The ETF is structured as a passively managed fund, aiming to replicate the performance of a broad investment-grade U.S. bond index [9][12] - Bonds within the ETF can help stabilize client portfolios amid ongoing uncertainties in equity markets and geopolitical issues [7][10]