FYI: Baird Funds today launched the Baird Strategic Municipal Bond Fund (BSNIX/BSNSX) and the Baird Municipal Bond Fund (BMQIX/BMQSX). These are the first new bond funds introduced by the Baird Advisors team since launching Baird Short-Term Municipal Bond Fund (BTMIX/BTMSX) and Baird Core Intermediate Municipal Bond Fund (BMNIX/BMNSX) in 2015. Both funds will be co-managed by Lyle Fitterer, CFA, Duane McAllister, CFA, Erik Schleicher, CFA, and Joseph Czechowicz, CFA.
Regards,
Ted
https://www.businesswire.com/news/home/20191118005541/en
Comments
https://mutualfundobserver.com/discuss/discussion/52558/baird-municipal-bond-fund-baird-strategic-municipal-bond-fund-in-registration
McAllister, Schleicher, and Czechowicz are a great team that came over (together) from BMO in 2015. Here's Baird's notice at the time giving their background:
http://www.rwbaird.com/news/baird-advisors-adds-municipal-bond-team
I don't know as much about Fitterer. He's not coming over from WF with a team, so it's a bit harder to sort out his contribution to the WF team-manged funds. One of the funds he co-manged (for two decades) was SMAVX. Ages ago, when I followed SMUAX (the Strong predecessor ticker) it was well run, a tad aggressive, though tame compared with its taxable peer STADX (now SADAX).
VMPAX, also co-managed by Fitterer (since 2010) may be the closest match to BSNSX. They both appear to be short term "core plus" muni funds (junk up to 35% and 30% respectively). Though the former is allowed 10% investment in inverse floaters. That does not appear in the prospectus of the Baird fund.
BTMIX can serve as a "cash plus" alternative to MMFs. BSNSX appears to be a step up in risk and possibly a bit longer duration (remains to be seen). Should be worth a serious look.