The Riskalyze Report: Advisors Warm to Muni Bonds

At the request of so many investment advisors, my friends at Riskalyze share the big trends in the assets going into and coming out of advisor portfolios every week. The underlying data is aggregated from hundreds of thousands of client accounts across the $120 billion and counting that advisors manage on the Riskalyze platform*. I hope we can uncover interesting trends for you each week…


May 8th – 14th

Winners (advisor flows TO these investments increased substantially):
  1. National AMT-Free Muni Bond (MUNI)
  2. MSCI Emerging Markets Mini Vol (EEMV)
  3. High Yield Corporate Bd (HYG, JNK)

Losers (advisor flows FROM these investments increased substantially):

  1. Alphabet / Google (GOOGL)
  2. 7-10 Year Treasury Bond (IEF)
  3. Microsoft (MSFT)

Last week, advisor use of MUNI – an actively managed PIMCO municipal bond ETF, increased 5% week over week. Municipal bonds in general are one of the best performing asset classes of 2016 so far. Against a plain vanilla aggregate bond market ETF, you can see how they’ve really taken off in relative terms as well.

In my chart below, you’re seeing the total return chart of PIMCO’s product against the Barclays Agg total bond market product. Note the separation that took place just ahead of the Fed’s first (only?) rate hike in December:


PIMCO’s pitch for this fund is that issuer-specific due diligence is critical in the muni market given the differing conditions of states and cities around the country.

In the loser’s column, advisors decreased use of GOOGL by over 15% week over week according to Mike McDaniel’s, Riskalyze CIO. Microsoft shares popped up there too, which makes sense in the context of the Nasdaq’s glaringly obvious breakdown relative to the overall market.


*(to state the obvious, Riskalyze does not share client sensitive data with me or use animals in testing).

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

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References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

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