Fixed Income

Municipal Ladder (1–10 Years) NY State Specific SMA

Bloomberg Short-Intermediate Municipal Bond Index
Benchmark name
5/1/2021
Inception date
$40.7M
Strategy assets
Data as of 9/30/2025
Municipal Ladder (1–10 Years) NY State Specific
SMA overview
A systematic process of predict-decide-learn
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

4.45%

(as of 9/30/2025)

Effective duration

4.58

(as of 9/30/2025)

Yield to worst

2.57

(as of 9/30/2025)

Average credit quality

AA+

Quick resources

Fact Sheet

Performance

Average annual returns

Average annual returns

(as of 9/30/2025)
5/1/2021
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Pure Gross)
1.01
2.03
3.93
2.89
4.19
-
-
0.80
Composite (Net)
0.88
1.64
2.76
1.34
2.64
-
-
-0.71
Bloomberg Short-Intermediate Municipal Bond Index
0.79
2.21
4.21
3.29
4.19
-
-
1.16

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

Calendar year

(as of 12/31/2024)
2024
2023
2022
Composite
0.38
4.14
-5.00
Benchmark
1.14
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

Performance and volatility metrics

(as of 9/30/2025)
3 Year
Alpha 0.16
Beta 1.26
Sharpe Ratio -0.12
Standard Deviation 4.90
R2 0.98
Information Ratio 0.00
Tracking Error 1.19
Correlation 0.99

Composition

Portfolio statistics

Portfolio statistics

(as of 9/30/2025)
SMA Benchmark
AMT 0.00 -
Effective Duration 4.58 3.79
Weighted Average Effective Maturity 5.23 Years 4.65 Years
Average Current Yield 4.45 4.37
Yield to Worst 2.57 2.84
Credit quality

Credit quality

(as of 9/30/2025)
Type
SMA
Benchmark
AAA/Aaa
 30.32% 16.58%
AA/Aa
 59.64% 56.44%
A/A
 10.04% 23.40%
BBB/Baa
 0.00% 3.57%
Not rated
 0.00% 0.01%

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

Maturity

(as of 9/30/2025)
Maturity Range
SMA
0 - 1 year
9.80%
1 - 3 years
20.03%
3 - 5 years
20.01%
5 - 10 years
50.17%
10 - 20 years
0.00%
20+ years
0.00%

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

Portfolio composition

Portfolio composition

(as of 9/30/2025)
Credit Assets
Allocation
Benchmark
General obligation
 9.72% 30.39%
Revenue bonds
 90.28% 67.46%

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

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Documents

Literature Date
Fact Sheet 9/30/2025 Download
Our team
Meet the investment team

Investment success results from disciplined return-enhancement strategies balanced with prudent risk management.

Municipal Fixed Income Team Systematic Fixed Income and Custom SMA Team
Robert

Robert Miller

Portfolio Manager
Adrian

Adrian Van Poppel

Portfolio Manager
Contact us

We look forward to helping you with your investment needs

 

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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.