Thanks for listening to Belle Haven’s Q2 2024 Newsletter. Market and Credit Insights from Belle Haven’s Investment Team.

Market Insights: Interest Rate Debate

• Recent years have been marked by uncertainty and turmoil, a sentiment that continues as we approach the 2024 presidential race.
• Despite the challenges, there is a significant and lasting opportunity in the municipal market.

Credit Insights: The Forecast for State Credits Calls for Cloudy Skies with a Very Small Chance of Stormy Weather

• With 47 state budgets enacted as of July 3rd, now is an opportune time to view what their financial picture may look like.
• We highlight budget forecasts for some notable states: IL, CA, NY & NJ.

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.

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• Uncertainty around interest rates persists, but we still find the current yield environment attractive with strong credit quality in today’s municipal market.

• We discuss the exposure of several sectors to the federal government and our approach to ensure that our credits are able withstand turbulent times at the federal level.

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.

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• A recap on the Fed and the economy.

• We caution against continuing with the “T-bill and chill” strategy that proved successful for the better part of the last two years. While the Fed’s aggressive tightening scared many investors to the sidelines, the window for opportunity may be closing soon. It’s not too late to join the bond party, but we don’t expect the fun to last.

• A quick look at the various municipal sectors and how they may be able to meet the uncertainty ahead.

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.

Hosted on Acast. See acast.com/privacy for more information.