Tag Archives: Taxable Fixed-Income

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Cumberland Advisors Market Commentary – Taxable Total Return 4th Quarter Review

Author: Daniel Himelberger, Post Date: December 29, 2020
Cumberland Advisors - Dan Himelberger - Portfolio Manager & Fixed Income Analyst

The buildup to and launch of a COVID-19 vaccine during the fourth quarter of 2020 led to record highs being set in the stock market and a steeper Treasury yield curve. The news of the vaccine also benefits spreads on investment-grade corporates and taxable municipals. These spreads continue to grind lower from their highs earlier […]

Cumberland Advisors Market Commentary – Taxable Total Return 3rd Quarter Review

Author: Daniel Himelberger, Post Date: October 1, 2020
Cumberland Advisors Market Commentary - Taxable Total Return 3rd Quarter Review

Markets experienced volatility in the third quarter of 2020 as COVID-19 and the looming election continued to drive uncertainty regarding an economic rebound. The net result of the volatility left the Treasury market little changed on the quarter, while spreads on investment-grade corporates and taxable municipals continued to grind lower from the peaks set at […]

4Q 2019 Review – Total Return Taxable Fixed Income

Author: Daniel Himelberger, Post Date: December 26, 2019
Cumberland Advisors - Dan Himelberger - Portfolio Manager & Fixed Income Analyst

During the Q4 of 2019, Treasury yields rose in the maturity range of two years out to thirty years, with the biggest increase being the yield for the 10-year. As of December 23, the 10-year Treasury had risen 24.5 bps to 1.911%. The Fed did elect to lower the fed funds rate again at the […]

Cumberland Advisors Market Commentary – 3Q 2019 Review – Total Return Taxable Fixed Income

Author: Daniel Himelberger, Post Date: September 25, 2019
Cumberland Advisors - Dan Himelberger - Portfolio Manager & Fixed Income Analyst

Treasury yields dropped throughout Q3 of 2019, with the biggest decline being the 30-year. As of 9/23/19 the 30-year Treasury had fallen 40.4 bps to 2.127%. We also saw a record low on the 30-year when it closed at 1.951% on 8/27/19. The 10-year was also down 32.7 bps, to 1.679%, as of 9/23/19. The […]

Cumberland Advisors Market Commentary – 2Q2019 Review: Total Return Taxable Fixed Income

Author: Daniel Himelberger, Post Date: June 25, 2019
Cumberland Advisors - Dan Himelberger - Portfolio Manager & Fixed Income Analyst

Treasury yields dropped precipitously throughout the second quarter of 2019, with the biggest decline seen in the short to intermediate maturities. As of 6/20/19 the most sizable decline was in the 2-year Treasury, which dropped 54 bps to 1.724%, while the 30-year Treasury lagged this drop in yield but still declined 28.2 bps to 2.533%. […]

1Q2019 Review: Taxable Fixed Income

Author: , Post Date: March 26, 2019
Cumberland Advisors Market Commentary

Short to intermediate Treasury yields declined throughout the first quarter as of March 19th, as the 30-year Treasury was flat at roughly 3.00%. The Treasury yield curve remains slightly inverted out to 5-years. This has benefited the Agency multi-step securities that we hold in portfolios, as we have witnessed an increase in calls as coupon […]

4Q 2018 Review: Total Return Taxable Fixed Income

Author: Daniel Himelberger, Post Date: January 2, 2019
Cumberland Advisors - Dan Himelberger - Portfolio Manager & Fixed Income Analyst

After a poor start to the quarter, the Treasury market rebounded nicely over the month of December, providing positive performance across the Treasury curve as the equity market suffered from negative sentiment pertaining to geopolitical risk and concerns over the Fed’s path towards raising short-term interest rates. Political bickering over building “the wall” and threats […]