R. B. (Guy) Davidson III

R. B. (Guy) Davidson III

Chief Investment Officer—Municipal Business; Chairman—Tax-Exempt Fixed Income Investment Policy

27 Years at AB
36 Years of experience

R. B. (Guy) Davidson III is Chief Investment Officer of Municipal Business. He joined the firm as director of Municipal Bonds in 1992, and under his leadership, the assets under management of the municipal business have grown from less than $1 billion to more than $44 billion today. Davidson is Chairman of the Tax-Exempt Fixed Income Investment Policy Group, which determines portfolio strategy and investment policies for all municipal products. Before joining the firm, he was vice president and head of municipal strategies at J.P. Morgan Securities and an associate economist at Lehman Brothers. Davidson is the author of “The Value of Tax Management for Bond Portfolios,” published in The Journal of Private Portfolio Management, Spring 1999; “Maximizing Expected After-Tax Returns,” published by Probus in 1994 in the Handbook of Municipal Bonds; and “Analyzing Quality Spreads,” published in The Municipal Finance Journal in 1991. He was named to the Institutional Investor’s All-America Research Team in 1992. Davidson holds a BA with honors from the College of Social Studies within Wesleyan University and an MBA from the Leonard N. Stern School of Business at New York University. Location: New York

Municipals: A Glimpse of What’s to Come?

by Guy Davidson

Federal Reserve Chairman Bernanke reiterated today that a healthier economy would prompt the Fed to end its unprecedented bond-buying program, which has kept yields artificially low. Speculation on this question over the last several weeks has caused a sharp bond sell-off and rising yields. But we don’t see this as the start of a rout for most municipal bonds.

Fixed Income


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A Municipal Bond Cliffhanger

by Guy Davidson

Municipal bonds are popular because the interest they pay is exempt from federal taxation. But in its search for solutions to the fiscal cliff, the US federal government is looking under every rock for more revenue sources. This could put muni bonds’ tax-exempt status at risk.

Fixed Income


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Profit from Your Premium Bonds

by Guy Davidson

When investors see opportunity, we believe they should actively reposition their municipal bond portfolios to take advantage. Often, this requires selling some existing holdings. Today, investors are asking us: Why do you recommend I sell my long-term bonds? They’re yielding 5%. Won’t selling them reduce my potential returns?

Fixed Income


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