Alex Petrone Discusses Why Active Management Matters in Today’s Muni Market on Bloomberg’s Open Interest
Alex Petrone, Head of Fixed Income at Rockefeller Asset Management, joined Bloomberg’s Open Interest to share her perspective on the municipal bond market and why active management matters in today’s environment. “When we look at the municipal market, there is no better home for active management,” said Petrone, citing the municipal market’s diversity with more than 40,000 issuers. She highlighted the start-of-year strong technical backdrop supporting municipal bonds, attractive municipal-to-Treasury ratios, and opportunities for US tax-paying investors seeking income and stability. Petrone discussed attractive municipal-to-Treasury ratios, performance dispersion between investment-grade and high-yield municipal indices and amongst managers, underscoring the importance of bottom-up credit analysis to uncover opportunities beyond benchmark-heavy risks. Looking ahead, Petrone emphasized municipal credit quality remains fundamentally sound overall, while noting risks remain dependent on sector, region, and, most importantly, individual obligor, making careful credit work essential. Watch the full interview, beginning at 44:11.
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