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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams.
Two-Year Rolling Outperformance: Actively Managed Municipal Portfolios vs. Passive Municipal Ladders*
Past performance does not guarantee future results.
From October 31, 2009 (the date the first tax-exempt ladder appeared in the long or intermediate municipal SMA category) through March 31, 2017
*US Separate Account Muni National Intermediate Category versus Intermediate and Long Muni Ladders with in US Separate Account Muni National Intermediate and Long Category gross of fees.
Source: Morningstar
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams.
Daryl Clements joined AB in 2002 from a role in credit research. Drawn by the firm's reputation and potential for opportunity, he has played a key role in pulling the municipal market forward through relentless innovation.
For Clements, active management means leveraging fundamental and quantitative research to reduce volatility and produce better outcomes. AB has been a leader in using completion funds for the construction of municipal SMA portfolios. Further innovations included developing proprietary research and trading tools for the municipal bond market. The result? Faster, more efficient portfolio construction at AB.
Clements relishes change, evolution and the drive to become the number-one bond manager of choice. “We are not a static group,” he says. “We are not happy where we are, ever. We are always moving forward and changing things. We want to seek out differentiation.”