Fixed Income

Municipal Ladder (1–10 Years) NY Preference SMA

Bloomberg Short-Intermediate Municipal Bond Index
Benchmark name
4/30/2021
Inception date
Municipal Fixed Income Team
Team
$78.6M
Assets under management
Data as of 12/31/2023
SMA overview
Exploiting market inefficiencies
The SMA aims to provide stable, tax-efficient income and limited volatility by investing in a diversified portfolio of high-quality, investment-grade New York municipal bonds.

A disciplined relative value approach, seeking opportunities from changing market trends, pricing inefficiencies, and intensive credit analysis to provide stable, tax-efficient income.

Key differentiators

  • Leverages a deeply resourced team of professionals for credit quality, sector selection, and geographic diversification
  • Provides access to institutional inventory and pricing to provide investors with lower-cost trading potential
  • Managed with an ongoing monitor of portfolio holdings on a daily basis to ensure target ranges of portfolio characteristics

General facts

Current yield

4.33%

Average maturity

6.00 Years

Effective duration

5.08

Yield to worst

2.38

Average credit quality

AA+

Quick resources

Performance

Average annual returns Add Minus

Average annual returns

(as of 12/31/2023)
4/30/2021
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Pure Gross)
1.82
6.20
4.14
4.14
-
-
-
-0.27
Composite (Net)
1.70
5.80
2.58
2.58
-
-
-
-1.76
Bloomberg Short-Intermediate Municipal Bond Index
1.49
5.05
4.32
4.32
-
-
-
-0.06

One-month, three-month and year-to-date returns are not annualized.

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.

Calendar year Add Minus

Calendar year

(as of 12/31/2023)
2023
2022
Fund
4.14
-5.00
Benchmark
4.32
-4.51

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Performance and volatility metrics Add Minus

Performance and volatility metrics

Products must have at least a 36 month performance record before we show these metrics.

Composition

Portfolio statistics Add Minus

Portfolio statistics

(as of 12/31/2023)
SMA Benchmark
Number of Holdings 11 27850
AMT 0.00 0.00
Effective Duration 5.08 3.44
Weighted Average Effective Maturity 6.00 4.30
Credit quality Add Minus

Credit quality

(as of 12/31/2023)
Type
SMA
Benchmark
AAA/Aaa
30.21% 16.29%
AA/Aa
59.70% 57.23%
A/A
10.09% 22.99%

The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentages of the fund's portfolio with the ratings depicted in the chart are calculated based on total investments of the fund. If a security was rated by all three rating agencies, the middle rating was used. If rated by two of three rating agencies, the lower rating was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Maturity Add Minus

Maturity

Data is unavailable at this time, please check back later.
Top 10 holdings Add Minus

Top 10 holdings

(as of 12/31/2023)
Security
SMA
Hudson Yds Infrastructure Corp N Y Second Indenture Rev Bds Fiscal 2022-a Green Bond
9.90%
New York N Y GO Bds Fiscal 2020 C-1
9.90%
New York N Y City Transitional Fin Auth Rev Future Tax Secd Sub Bds Fiscal 2021 a
9.90%
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sys Rev Second Gen Resolution Bds Fiscal 2021 Sub AA-2
9.90%
New York St Environmental Facs Corp St Clean Wtr & Drinking Wtr Rev Revolving Fd Bds Nyc Mun Wtr Fin Auth Proj 2018 a
9.90%
New York St Dorm Auth Sales Tax Rev St Supported Debt Bds 2018a
9.90%
New York St Dorm Auth St Pers Income Tax Rev Rev Bds 2016 a
9.90%
New York St Dorm Auth Revs Non St Supported Debt Ref Bds Cornell Univ 2020a
9.90%
Port Auth N Y & N J Consolidated Bds 230
9.90%
Triborough Brdg & Tunl Auth N Y Sales Tax Rev Bds 2022 a
9.90%
Top 10 represents 99.00% of total net assets

Largest company weights are based on market value of the representative account and not necessarily held in all client portfolios. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security. A list of all holdings from the prior one-year period is available upon request.

Portfolio composition Add Minus

Portfolio composition

(as of 12/31/2023)
Credit Assets
Allocation
Benchmark
General obligation
10.08% 32.02%
Revenue bonds
89.92% 62.16%

Portfolio composition is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Documents

Literature Date
Fact Sheet 12/31/2023 Download Download
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Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held in the portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the portfolio can be sudden and unpredictable. A portion of the strategy’s income may be subject to federal, state, and/or local income taxes or the alternative minimum tax. Any capital gains distributions may be taxable. Bond laddering does not assure a profit or protect against loss in a declining market.

Allspring Managed Account Services (the firm) is a unit within Allspring Global Investments and is responsible for the management and administration of the Allspring Funds Management, LLC, retail separately managed account portfolios (wrap portfolios). Allspring Funds Management acts as a discretionary manager for separately managed accounts ("SMA") and as a non-discretionary model provider in a variety of managed account or wrap fee programs (“MA Programs”) sponsored by third party investment advisers, broker-dealers, or other financial services firms (a “Sponsor”). When acting as non-discretionary model provider, Allspring Funds Management responsibility is limited to providing non-discretionary investment recommendations (in the form of model portfolios) to the Sponsor. The Sponsor may use these recommendations in connection with its management of MA Program accounts. In these “model-based” programs, the Sponsor serves as the investment manager and maintains trade implementation responsibility.