The voluntary insurance market and state and local governments seek to adapt and increase resiliency in the face of a changing climate. Learn more in our ESG Newsletter article: bit.ly/45QEapq

As with all Breckinridge credit research, material sustainability metrics are integrated in security analysis and are reflected in our frameworks. Learn about our new CMBS framework and updated state municipal bond framework: bit.ly/4cprnfN

After the Great Financial Crisis and COVID-19, many fixed income investors leaned to passive strategies. Market conditions changed and it may be time to activate your fixed income investments. Matt Buscone explains why here: bit.ly/3yYn24r

The Breckinridge Investment Committee’s base case remains that the economy will continue to slow, as monetary policy effects can lag. Our latest commentary has more details on the markets over the last month: bit.ly/4bVQx5G

Last month, Treasury yields moved higher on hotter inflation data and the prospect for fewer rate cuts this year, producing another month of negative total returns for fixed income. Our Investment Committee provides a market update in our April commentary: bit.ly/4b8WSu6

As sector risks evolve, Breckinridge responds by enhancing its sustainability research frameworks for relevant material factors across sectors. Learn more about the enhancements made to our water/sewer sustainability framework: bit.ly/43Iwq7G

The newly released climate disclosure rule from the SEC represents incremental progress in improving regulatory reporting that investors can consider in assessing potential risks to their investment portfolios linked to long-term climate change: bit.ly/4aHsMxf

In our 2023 Corporate Sustainability Report we discuss our ongoing, comprehensive efforts to maintain an active commitment to achieving greater sustainability in our business: bit.ly/3ViPd7s

Our fixed income heritage underpins our disciplined approach in aiming to build and manage equity portfolios of high-quality companies with a goal of generating reliable income streams while preserving the opportunity for long-term capital appreciation: bit.ly/4aNuo8K

Incoming data over the quarter reaffirmed that growth remained strong, the path to 2 percent inflation may be bumpy, and supply side factors including immigration helped to absorb still healthy demand for labor: bit.ly/4cOVdLk

With nominal bond yields still relatively high, we view IG fixed income as attractive. However, our risk posture is defensive in credit, with spreads/valuations rich. We take a closer look in our latest Corporate Bond Market Outlook: bit.ly/3TIIlhj

With M/T Ratios hitting historical lows, investors may be wondering if we will soon see an uptick back to higher ranges. While we believe this is possible, it may be unlikely in the near term. Read our latest perspective to learn more: bit.ly/43oTUi9

Each year the work of the Breckinridge research teams is the essential driver of our Issuer Engagement Report due to their examination of ESG risks and opportunities in discussions with security issuers and subject matter experts. Learn more: bit.ly/3vqvBDE

In February, the intermediate segment of the Treasury yield curve was flatter, and muni bond yields changed little, outperforming Treasuries, supported by sustained demand and supply. Read more: bit.ly/49KDpiv

Treasury yields increased to start 2024, and the intermediate segment of the yield curve shifted to a more positive slope. Read more in our latest market commentary: bit.ly/3HSQfix

The International Sustainability Standards Board (ISSB) issued new standards for securities issuers reporting on sustainability and climate risks as they relate to their businesses.bit.ly/3NSxHCu

Investors are meaningfully engaging in trends away from carbon through #netzero strategies. Our concern is that companies that delay transition plans and that defer GHG reductions may have to accelerate an energy transition in the future: bit.ly/41MxeHI

With the Fed’s decision to stand pat on rates and more signs of declining inflation and sustained economic activity, investors decided to extend the year-end rally. bit.ly/48SkmSy

Breckinridge maintains an up-in-quality credit bias for #munibonds given the risk of an economic slowdown and the possibility that policymakers look to public finance issuer’s strong balance sheets to fund essential services. Learn more: bit.ly/41RAlOH

In response to the favorable events and conditions during the quarter, sentiment for bond and stock investments improved: bit.ly/3vzczdX