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Available with a national focus or with the following state - specific focuses: California and New York. All are designed to seek an attractive, predictable stream of income with an emphasis on capital preservation.
Benefit from PIMCO's proprietary credit research, a key advantage in a municipal bond market that has become increasingly complex and subject to credit risk.
Seeks to improve market access and pricing to provide best execution based on institutional presence.
Minimum average portfolio rating of A+ (by either Moody's or S&P).
No exposure to issues subject to the alternative minimum tax (AMT) at time of purchase.
Spark client engagement with our highly customizable, easy-to-use muni tool.
The Cost of Customizing Muni Bond Portfolios
Our central hub for Muni content and investments
As with all of our strategies, PIMCO Targeted Municipal Ladder Managed Account is guided by our top - down global macroeconomic outlook. Rigorous bottom - up analysis drives the municipal bond selection process and facilitates the identification and analysis of undervalued securities.
PIMCO has been managing municipal assets since 1997 and we are among the largest investors in the space today. Our institutional presence in this sector may provide benefits for investors, such as improved pricing and lower transaction costs.
PIMCO focuses on generating tax - efficient income and capital preservation by investing in high quality municipal bonds that are exempt from federal taxes. We seek well - structured municipal bonds that provide appropriate compensation for risks relating to calls, credit quality, liquidity, tax liabilities, call features and market supply - demand conditions.
The ranges of our targeted laddered portfolios - from 3 - 11 or 3 - 17 years – were chosen specifically to add value. By extending the first maturity, the ladders may benefit from the higher yield potential of securities beyond the compressed 1 - 2 year range. Additionally, the 3 - 11 year Targeted Municipal Ladder includes an 11th year which may benefit from reduced investor demand for maturities beyond 10 years, while the 3 - 17 year targeted ladder may provide similar yields to 20 - year ladders with lower interest-rate risk.
Head of Municipal Bond Portfolio Management
Portfolio Manager, PIMCO Municipals