MacKay Municipal Managers™ Expands Offering on the Artivest Open Network.
For Advisors and Qualified Purchasers
MACKAY MUNICIPAL MANAGERS™ BY THE NUMBERS
ESTABLISHED
1938 (MacKay Shields)
OFFICES
3
EMPLOYEES
25
CORE EXPERTISE
Active Municipal Bond Management
$45B
ASSETS UNDER MANAGEMENT
as of 9/30/2019
MACKAY MUNICIPAL MANAGERS™
A Leading Active Manager in US Municipal Bonds
Mackay Municipal Managers™ (“MMM”) applies a value-oriented, fundamental investment approach to identifying and exploiting anomalies and discrepancies in the highly fragmented and inefficient market for tax-preferred securities. MMM believes its deep experience and industry relationships provide an informational advantage and position them to achieve their investment objective of attractive after-tax returns.
An Alternative View
Dynamic
vs Buy and Hold
With its active trading mindset, MMM can react to changes in macro or micro conditions quickly. They believe their frequent trading gives them a good feel for what is happening daily in the market, and their superior fundamental research gives them the ability to react to news on individual positions more quickly than much of their competition, many of whom are more “buy and hold” in terms of investment orientation.
Price Point Matters
vs Buying for Yield
MMM is focused on the total return of securities—analysts are encouraged to not just provide a view or an opinion on a credit, but also to determine a price and spread value for each credit. The team has a disciplined approach to execution when selling positions, with a primary objective of achieving the highest possible selling price.
Credit Research Driven
vs Guideline Driven
MMM invests across the municipal securities space, in both investment grade and high yield bonds. The team utilizes a relative value, research-driven approach based on technical and fundamental credit analysis of the underlying issuer/obligor (municipality), sector, and security and combines this with a top-down overlay.
MUNICIPAL BOND MARKET SPOTLIGHT
50,000
INDIVIDUAL INVESTORS
1,000,000+
DISTINCT SECURITIES
1600+
DEALERS TRANSACTING IN THE MARKET
Taking Advantage of Inefficiencies
The idiosyncratic and fragmented nature of the municipal bond market (with respect to both issuers and investors) combined with a largely retail investor base creates a market environment that is rife with inefficiencies.
The heavy participation by individual retail investors also contributes to the inefficiencies observed in the market. MacKay notes that 70% of municipals are owned by individuals.
The team seeks to take advantage of these inefficiencies by utilizing a differentiated approach which emphasizes fundamental credit research, a relative value orientation, and active trading.
MMM LEADERSHIP PROFILE
John Loffredo, CFA
Executive Managing Director - Portfolio Manager/Research Analyst
John joined MacKay Shields in July 2009 when the firm acquired the assets of Mariner Municipal Managers LLC. He was the Chairman and co-founder of Mariner Municipal Managers from 2007 to 2009. He has been a municipal portfolio manager and/or municipal analyst since 1990, with a broad range of portfolio management and analytic experience in the municipal markets. John was a Managing Director and Co-Head of BlackRock’s Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock’s merger with Merrill Lynch Investment Managers (MLIM), he served as Chief Investment Officer of the Municipal Products Group. He was employed by Merrill Lynch from 1990 to 2006. Before Merrill Lynch, he worked for the City of Boston Treasury Department. John is a member of the firm’s Senior Leadership Team. He graduated with an MBA and Certificate of Public Management from Boston University and with a Bachelors degree in Finance, cum laude, from Utah State University where he was a Harry S. Truman Scholar. He is a CFA Charterholder.
Robert DiMella, CFA
Executive Managing Director - Portfolio Manager
Robert joined MacKay Shields in July 2009 when the firm acquired the assets of Mariner Municipal Managers LLC. He was the President and co-founder of Mariner Municipal Managers from 2007 to 2009. He has been a municipal portfolio manager since 1992, with a broad range of trading and portfolio management experience in the municipal markets. Robert was a Managing Director and Co-Head of BlackRock’s Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock’s merger with Merrill Lynch Investment Managers, he served as a Senior Portfolio Manager and Managing Director of the Municipal Products Group. He was employed by Merrill Lynch from 1993 to 2006. Robert is a member of the firm’s Senior Leadership Team. He earned his Master’s degree at Rutgers University Business School and an undergraduate degree at the University of Connecticut. He is a CFA Charterholder.
MMM + ARTIVEST
A Partnership driven by investing expertise and technology
By leveraging digital advancements made possible through proprietary technology, financial advisors can now invest with Mackay Municipal Managers™ on the Artivest Open Network – a platform that delivers simplicity, accessibility and efficiency for a more client-centric alternative investing experience.
