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September 2021
Strength and value: A preferreds market update ►

With banks comprising about 50% of the preferred security universe, monitoring the health of the sector is key for investors. Portfolio manager Elaine Zaharis-Nikas unpacks what bank stress test results tell us about fundamentals, the relative valuation of preferreds and offers an update on the transition away from LIBOR.

March 2021
Preferred securities answer the call for tax-efficient income ►

With interest rates near historic lows, many investors are turning to asset classes that offer attractive yields with tax advantages to enhance potential take-home income. Neil Bloom, CPA, senior vice president and head of fund tax, explains how low duration preferred securities can offer investors higher before and after tax yields than other investment-grade fixed-income categories.

February 2021
Tax-smart income for rising rates ►

In 2021, investors face the triple challenge of finding income in a historically low-yielding environment, protecting that income from taxes and protecting principal in a potentially higher rate environment. Head of Portfolio Specialists Brian Cordes shares why low duration preferred securities are uniquely suited to helping investors meet these challenges. 

October 2020
Accessing Tax-Advantaged Income with Preferred Securities ►

Investors have experienced significant changes to the U.S. tax code at the same time as historically low yields. These dual challenges are driving the search for income. We believe this is creating new opportunities for investors to potentially enhance their take-home income with preferred securities.  Head of Portfolio Specialists Brian Cordes delves into the potential benefits of this hybrid asset class.

August 2020
Preferred Securities in a Post-LIBOR World ►

There are far-reaching implications for many preferred securities should the London Interbank Offered Rate (LIBOR) be phased out at the end of 2021, as scheduled. Those that carry LIBOR-based payment resets have contingency “fallback” language, which isn’t always favorable to investors. Portfolio manager Jerry Dorost discusses the team’s thinking and active approach to managing these risks.

June 2020
Preferred Securities in a Post-LIBOR World

We expect the London Interbank Offered Rate (LIBOR) to be phased out at the end of 2021, though the COVID-19 pandemic could affect the schedule. Markets are slowly transitioning to alternative benchmarks, but uncertainties remain, as a clear path forward on the transition has not yet been reached among the many stakeholders.

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