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Alliancebernstein Income Fund Message Board

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  • bare4 bare4 Dec 3, 2004 8:52 PM Flag

    Municipal Bond Funds

    Interesting information. You are certainly analytical and have looked at this in depth. Over what period have you gathered the data? If it is only in the past year, it would not give the information you would also want to see in a rising interest rate environment. Also, I wonder how the NAV vs Market Price might look as well. Just some thoght going through my mind. I would like to compare the performance on a chart of both levereged and nonlevereged in a rising interest rate environment using NAV and Market price. Since leverage increases duration by about 50%, I would expect to see more volatility and loss in NAV than you have shown. will take some work and I'll try to get to it when I have some time. Since PML has only been around since 2002, we can find some older funds that go back at least 14 years or so. Thanks for some thought provoking information.

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    • j65
      Perhaps it is because we have been in Bond Bull Market for 20 years.

    • "Over what period have you gathered the data?"

      It is just a year so it will take more work to tell if this is just a statistical fluke or the real thing but the idea intrigues me. The thing that prompted me to look at this was that the charts showed, at least in the short run (1 yr), no difference.

      I only have NAV data on leveraged natl muni cef's since mid-July. FWIW, the average ranges from -4 to -1.4 but there are huge variations from the mean.

 
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