Longer dated municipals, investment grade corporates, and U.S. government securities declined in the third quarter but remained positive for the year. Intermediate municipals were flat while high yield holdings continued to strengthen.
Safe haven assets performed well across the board in the second quarter after the fed lowered future rate expectations and Britain voted to leave the European Union.
Longer fixed income outperformed the short end as the yield curve flattened in the first quarter. Treasuries and agencies had strong returns followed by a rebound in high yield and corporate debt.
Tax‐free municipals performed well in 2015 followed by investment grade corporates and treasury/agency paper. High yield debt ended the year in negative territory after further declines in the fourth quarter.