Fixed Income

Municipal Ladder (1–10 Years) CA Preference SMA

Bloomberg Short-Intermediate Municipal Bond Index
Benchmark name
3/31/2021
Inception date
Municipal Fixed Income Team
Team
$322.1M
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 California 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

4.39%

Average maturity

6.06 Years

Effective duration

5.18

Yield to worst

2.27

Average credit quality

AA-

Quick resources

Fact sheet

Performance

Average annual returns

Average annual returns

(as of 12/31/2023)
3/31/2021
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Pure Gross)
1.87
5.77
4.16
4.16
-
-
-
0.04
Composite (Net)
1.74
5.37
2.61
2.61
-
-
-
-1.45
Bloomberg Short-Intermediate Municipal Bond Index
1.49
5.05
4.32
4.32
-
-
-
0.09

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 12/31/2023)
2023
2022
Fund
4.16
-4.67
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

Performance and volatility metrics

Data is unavailable at this time, please check back later.

Composition

Portfolio statistics

Portfolio statistics

(as of 12/31/2023)
SMA Benchmark
Number of Holdings 11 27850
AMT 0.00 0.00
Effective Duration 5.18 3.44
Weighted Average Effective Maturity 6.06 4.30
Credit quality

Credit quality

(as of 12/31/2023)
Type
SMA
Benchmark
AAA/Aaa
 10.41% 16.29%
AA/Aa
 69.90% 57.23%
A/A
 19.70% 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

Maturity

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

Top 10 holdings

(as of 12/31/2023)
Security
SMA
Alameda Cnty Calif Transn Auth Sales Tax Rev Commn Measure BB Sr Ltd Bds 2022
9.90%
California St Various Purp GO Bds
9.90%
California St Pub Wks Brd Lease Rev Dept Gen Svcs New Nat Res Bds 2021 C Green Bond
9.90%
California St Univ Rev Systemwide Bds 2021 a
9.90%
Los Angeles Calif Dept Arpts Rev Sub Ref Intl Bds 2021b
9.90%
Los Angeles Calif Dept Wtr & Pwr Wtrwks Rev Sys Bds 2020a
9.90%
San Francisco Calif Bay Area Rapid Tran Dist Election 2016 GO Bds 2020 C-1 Green Bond
9.90%
Sweetwater Calif Un High Sch Dist Election 2018 Unltd Ad Valorem Ppty Tax GO Bds 2022 a1
9.90%
University Calif Revs Rfdg-Ltd Proj-Ser I
9.90%
Western Placer Calif Waste Mgmt Auth Solid Waste Rev Bds Materials Recovery Fac 2022a Green Bond
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

Portfolio composition

(as of 12/31/2023)
Credit Assets
Allocation
Benchmark
General obligation
 29.80% 32.02%
Revenue bonds
 70.20% 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
Our team
Meet the investment team

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

View Team
Robert

Robert Miller

Portfolio Manager
Adrian

Adrian Van Poppel

Portfolio Manager
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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.