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The Journal of Wealth Management

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Primary Article

Active Versus Laddered Municipal Bond Portfolio Management

Rosa Welton and Douglas S. Rogers
The Journal of Wealth Management Summer 2003, 6 (1) 37-41; DOI: https://doi.org/10.3905/jwm.2003.320472
Rosa Welton
At the time of this writing, an investment analyst at Deloitte & Touche Investment Advisors in Chicago, IL.
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  • For correspondence: welton55@hotmail.com
Douglas S. Rogers
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Abstract

The authors argue that individual investors are often confused by the choices they are offered when investing in municipal bonds. These choices often include a laddered vehicle and an actively managed portfolio strategy. Because the laddered portfolios are touted as being free of management fees, the actively managed portfolio appears to pale by comparison. Yet they believe that an actively management municipal bond portfolio is a superior alternate to a laddered, particularly one that is state-specific. In this article, they identify each area of importance and delineate the advantages and disadvantages associated with each vehicle. In the end, they suggest that the body of evidence suggests that most investors should choose to use an active manager for investing in municipal bonds.

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The Journal of Wealth Management
Vol. 6, Issue 1
Summer 2003
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Active Versus Laddered Municipal Bond Portfolio Management
Rosa Welton, Douglas S. Rogers
The Journal of Wealth Management Apr 2003, 6 (1) 37-41; DOI: 10.3905/jwm.2003.320472

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Active Versus Laddered Municipal Bond Portfolio Management
Rosa Welton, Douglas S. Rogers
The Journal of Wealth Management Apr 2003, 6 (1) 37-41; DOI: 10.3905/jwm.2003.320472
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