TY - JOUR T1 - Active Versus Laddered Municipal Bond Portfolio Management JF - The Journal of Wealth Management SP - 37 LP - 41 DO - 10.3905/jwm.2003.320472 VL - 6 IS - 1 AU - Rosa Welton AU - Douglas S. Rogers Y1 - 2003/04/30 UR - https://pm-research.com/content/6/1/37.abstract N2 - 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. ER -