Shape of the Markets When Muni’s Met Methodology Download the PDF Happy 15th, PTIMX! Stat Block PTAM’s second oldest fund, the Performance Trust Municipal Bond Fund (PTIMX), has just turned 15 years old, and the numbers make the case better than we ever could: 2nd percentile over the last 15 years in its Morningstar Municipal […]
Muni Prism Download the PDF Introduction Perceptions of General Obligation (GO) bonds may have shifted over the past two decades following several high profile municipal and state bankruptcies including the City of Detroit (2013) and Puerto Rico Complex (2016-2017) credit events. However, default rates remain very low. The most recent available Moody’s data indicates an […]
Shape of the Markets The Power of Higher Income June 2026 Download the PDF We have often highlighted that higher yields (income) enhance both the total return potential and the defensive characteristics of bonds. Today, with the 30-year Treasury yield at levels that have only been exceeded 1% of the time over the last 15 […]
Muni Prism Download the PDF A New Source of Load: Data Centers Data centers are not a new concept, but their current scale and increasing adoption of Artificial Intelligence (AI) may be redefining their role as customers and how they fit within the public power universe. We expect them to remain top of mind for […]
Shape of the Markets Why Own Tax-Exempt Munis In A Taxable Portfolio? May 2026 Download the PDF Here at PTAM, we’ve had a general affinity towards Municipal bonds across our product offerings historically. There are two evergreen reasons why: 1) Municipal bonds may offer less credit risk. An A-rated Municipal bond has had a lower […]
Shape of the Markets It’s not a typo Download the PDF Last month, Taylor put out an excellent article highlighting the importance of building interest rates up protection for investors. I want to highlight a specific line from this article, because we had someone reach out, asking if there was a typo in the piece. […]
Shape of the Markets Combinations Versus Cash March 2026 Download the PDF Money Market Fund assets are at record highs, reaching $8.27 Trillion last week.1 This occurs as the yield on money markets continues to fall. Today, money market yields are nearly 2% lower than their 2023 peak. Bloomberg MFI US Bills Index If the […]
Shape of the Markets I Can’t Stop Talking About Munis February 2026 Download the PDF The 20-year spot on the Bloomberg Valuation (BVAL) AAA Municipal yield curve yielded 3.91% as of January 30th, 2026. Yields at the 20-year spot on the Municipal curve have only been higher than today 7% of the time over the […]
Shape of the Markets The Road Less Traveled January 2026 Download the PDF As we mentioned in December’s Shape of the Markets, 2025 was a solid year for fixed income, posting rather attractive returns for the year. Leading much of the charge, particularly for our peers and the Bloomberg US Aggregate Bond Index (“the Agg”), […]
Shape of the Markets-December 2025 Year In Review Download the PDF As bond funds across the country look to their YTD returns, many Core-Plus funds have found that markets were quite kind to them in 2025. Now, for investors who’ve followed Shape Management for years, we know that short term performance is not the true […]
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