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☆ Universal basic income improved lives in rural Canada when they tried it in the '70s. Here's why the program got scrapped.
▼ + stars: | 2023-10-15 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +6 min

A rural Canadian town gave its residents a type of universal basic income for three years. The study can still teach us lessons about the benefits of universal basic income, an expert says. AdvertisementAdvertisementFor four years in the late 1970s, Canada's Manitoba province ran a program called the Manitoba Basic Annual Income Experiment, or MINCOME. It was a guaranteed annual income program, which typically channels funds to people based on their income. Families with no income from other sources received payments that put them at 60% of the annual income, considered the cut-off for being low-income.

Persons: —, MINCOME, Evelyn Forget, she's, Forget, UBI Organizations: Service, Toronto Star, CTV News, CTV Locations: Manitoba, Dauphin , Manitoba, Canadian, Dauphin, MINCOME, Canada, Unemployment

☆ Bond manager with $1 trillion on the line says you will be 'well rewarded' by doing this
▼ + stars: | 2023-10-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

The latest round of volatility in the bond market may be nerve-wracking, but it can also be a great opportunity, according to Pimco chief investment officer Dan Ivascyn. Ivascyn is also the portfolio manager of the Morningstar 5-star rated Pimco Income Fund (PIMIX), which has a 5.46% 30-day SEC yield, according to Morningstar . Bond yields move inversely to prices, so when prices go down, yields go up. He likes agency mortgage-backed securities, very high quality corporate bonds and some asset-backed securities in very seasoned pools of mortgages. "For the patient investor, with a two- to three-year type horizon, you will be well rewarded to shift out of cash, [and] lock in some of these yields," Ivascyn said.

Persons: Dan Ivascyn, Pimco, Ivascyn, He's Organizations: SEC

☆ How to Invest in Mutual Funds
▼ + stars: | 2023-10-11 | by ( Mallika Mitra | ) www.wsj.com time to read: +20 min

Mutual funds are relatively cheap and simple to invest in, thanks to the many trading apps and online brokerages available nowadays. To get started, read on for our 10-step guide on how to invest in mutual funds. Once you open an account, you can invest in a wide range of securities, like stocks, bonds and mutual funds. Buy mutual fund sharesNow that you’ve solidified your strategy and done your research, you are almost ready to buy mutual funds. How to buy mutual fund sharesSome mutual funds require an investment minimum, often between $500 and $3,000, but not all do.

Persons: Mallika Mitra, Tricia Rosen, ”, Rosen, “, Ameritrade, Roth, Roth IRAs, Uncle Sam, you’ve, Randy Bruns, it’s, Morningstar, Russell, hasn’t, Amy Arnott, John Bogle, Morningstar’s Arnott, pitfall Arnott, You’ll, you’ll, Don’t, Sam, haven’t Organizations: Mutual, Fidelity, Vanguard, Morningstar, SEC, Apple, Fidelity Investments Fidelity, Target, Walmart, Funds, Capital Group, Capital Group’s, The Securities, Exchange Commission, Social, Consumer, Morgan, Capital Locations: Andover, Mass, Naperville , Illinois, U.S

☆ Some riskier income funds yield more than 8%. Just the time for investors to be vigilant
▼ + stars: | 2023-10-10 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

High yield bond funds tout sweet yields, but swirling concerns around the economy are spurring questions on how much longer the income party will last. Consider that the 30-day yield on the SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) is 8.78%. Indeed, the Morningstar U.S. high yield bond index has a year-to-date total return of 4.61%, compared to the -1.29% total return on Morningstar's U.S. corporate bond index . Consumers are also a focal point when it comes to the economic outlook, according to Peter Higgins, head of fixed income and senior fixed income portfolio manager at Shelton Capital Management. Being selective about risk UBS is neutral on high yield overall, but positive on short-dated high yield paper of good quality companies.

Persons: Paul Olmsted, Olmsted, Alina Golant, Golant, Peter Higgins, Dow Jones, Shelton's Higgins, Morningstar's Olmsted, Michael Bloom Organizations: Investors, Federal Reserve, Morningstar U.S, Morningstar's, Morningstar, UBS, Shelton Capital Management

☆ Ken Griffin’s hedge fund Citadel bucks the downtrend in September, up nearly 13% this year
▼ + stars: | 2023-10-05 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Billionaire investor Ken Griffin's flagship hedge fund rallied last month when the broader market was rattled by tight monetary policy as well as rising recession fears, according to a person familiar with the returns. Citadel's multistrategy flagship Wellington fund gained 1.7% in September, bringing its 2023 performance to 12.6%, the person said. The S&P 500 pulled back 4.9% last month, suffering its worst month of the year. Griffin, founder and CEO of Citadel, told CNBC last month he was skeptical that this year's rally, powered mostly by artificial intelligence-related stocks, can be sustainable. The Wellington fund soared 38% in 2022 for its best year ever.

Persons: Ken Griffin's, Citadel's multistrategy, Stocks, Pershing, Bill Ackman, Griffin Organizations: Treasury, Citadel, CNBC, Big Tech Locations: Wellington

☆ Griffin of Citadel hedge fund lays out roadmap to future philanthropic giving
▼ + stars: | 2023-09-13 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Companies Citadel Income Fund FollowNEW YORK, Sept 13 (Reuters) - Ken Griffin, the world's most successful hedge fund manager in terms of earnings, has already donated more than $2 billion to charity during his lifetime and on Wednesday laid out a roadmap for his future philanthropic giving to find faster solutions to the world's biggest problems. Griffin, who laid the foundations for Citadel in his Harvard dormitory, launched Griffin Catalyst (GriffinCatalyst.org), a platform that illustrates how he thinks about giving and showcases his partner organizations and how they have put his money to work. Already a big donor to schools and universities, Griffin said his giving will focus on six areas: Education, Science & Medicine, Upward Mobility, Freedom & Democracy, Enterprise & Innovation and Communities. Earlier this year Griffin donated $300 million to his alma mater. Early in his career, Griffin also donated time tutoring Chicago children in math.

Persons: Ken Griffin, Griffin, Griffin Catalyst, Svea Herbst, Bayliss, David Gregorio Our Organizations: Citadel, Harvard, Griffin Catalyst, Science & Medicine, Upward Mobility, & Democracy, Enterprise, Innovation, Forbes, U.S . State Department, U.S . Food, Drug Administration, Chicago, Svea, Thomson Locations: Chicago, United States, Wuhan, China

☆ A millionaire who retired at 34 made over $7,000 in passive income in one month from stocks and bonds. He explains how he built a $2.9 million account that pays his expenses while it continues to grow
▼ + stars: | 2023-09-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

For 13 years, he invested at least 50% of his salary to grow his retirement portfolio. The latter portion allows him to access his retirement income before the age of 59 and a half without incurring a 10% penalty. The stock exposure in that account is mainly through the iShares Core S&P 500 ETF (IVV), where he has about $1 million invested. This roughly means you need to have $1 million invested into the index to earn $15,400. Therefore, only 1% of his brokerage portfolio is allocated to a few individual tech stocks.

Persons: Sam Dogen, Goldman Sachs, He'd, Dogen, he's, He's, I've Organizations: Credit Suisse, Goldman, Wealth, Fidelity, Treasury Locations: New York City, San Francisco, IVV

☆ US equity funds see outflows for sixth week in a row
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

According to LSEG data, investors withdrew a net $5.96 billion out of U.S. equity funds during the week, compared with about $4.42 billion worth net withdrawn the previous week. Investors offloaded about $3.96 billion worth of equity large-cap funds compared with about $110 million worth of net selling in the previous week. Small- mid-, and multi-cap funds also witnessed $1.56 billion, $365 million and $4 million worth of net selling, respectively. U.S. bond funds witnessed outflows for a fourth successive week, with about $622 million in net selling. Government bond funds also saw about $260 million worth of outflows, the first in five weeks.

Persons: Andrew Kelly, Gaurav Dogra, Patturaja, Emelia Sithole Organizations: New York Stock Exchange, REUTERS, Investors, Treasury, Reuters Graphics Reuters, Money, Thomson, & $ Locations: New York City, U.S, China, Europe, Bengaluru

☆ This income fund has a yield of more than 5%, and is cheap compared to its peers
▼ + stars: | 2023-09-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Weitz Core Plus Income Fund (WCPNX) , which Carney co-manages with Nolan Anderson, received five stars and a bronze rating from Morningstar. Aggregate Bond Index]," Carney said. Enter, asset-backed securities. Asset-backed securities (ABS) follow in second place, making up 27.6% of the portfolio. As a result, participating in the asset-backed securities space requires a granular level of due diligence.

Persons: Tom Carney, Weitz, Carney, Nolan Anderson, Morningstar, WCPNX, There's, that's, Fannie Mae, Freddie Mac Organizations: Morningstar, Bloomberg Barclays U.S, Universal Bond, SEC, Bloomberg U.S, Aggregate Bond, Federal Reserve Bank of New, BBB, U.S, Fed Locations: Federal Reserve Bank of New York

Hawaiian Electric CEO Shelee Kimura received a cash bonus in 2022 based on her performance against 10 measures including profit and customer satisfaction. Wildfire risk mitigation was not on the list, according to the utility’s pay disclosures. Wildfire risk had been a concern for several years before the blaze ripped through Lahaina, a historic resort town in Maui. Idacorp declined to comment on its pay practices and how they relate to wildfire mitigation. “You don’t want a wildfire disaster to be the catalyst for a change in public policy,” said Glazer, who supports linking executive pay to wildfire mitigation.

Persons: Mike Blake, ”, Alison Silverstein, Shelee Kimura, Kimura, “, Michael Cerasoli, Michael Underhill, Brian Buckham, ” Buckham, Idacorp, Larry Glazer, Glazer, Tim McLaughlin, Tom Hals, Peter Henderson, Noeleen Walder, Rich Valdmanis, Marguerita Choy Organizations: Workers, REUTERS, Hawaiian Electric, U.S . Federal Energy Regulatory, Electric, Hawaii Wildfire Management Organization, San Diego Gas &, Global Renewable Energy Income Fund, Reuters, Capital Innovations, SEC, Portland General Electric Co, Boston’s Mayflower Advisors, Thomson Locations: Lahaina, Maui, Hawaii, U.S, California, Honolulu, Maui ., Idaho , Oregon, Washington, Idaho

☆ These dividend-paying stocks offer attractive income and a good opportunity, this portfolio manager says
▼ + stars: | 2023-08-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

However, they may be missing out if they are bypassing dividend stocks altogether, according to Neuberger Berman senior portfolio manager Sandy Pomeroy, who manages the Neuberger Berman Equity Income Fund (NBHAX) . Right now, dividend stocks haven't been this cheap since the tech boom of the 1990s, Pomeroy said. Dividend stocks have underperformed this year: The SPDR S & P Dividend ETF (SPYD) has a total return of -5% in 2023, per FactSet. In comparison, the SPDR S & P 500 ETF (SPY) has a total return of nearly 15%. Deere, which has a 1.3% dividend yield, reported an earnings and revenue beat before the bell Friday.

Persons: Neuberger Berman, Sandy Pomeroy, Pomeroy, NBHAX, Eaton Organizations: Neuberger, Neuberger Berman Equity Income, Treasury, Neuberger Berman Equity, Caterpillar, Deere, PNC Locations: industrials

For investors who had expected more economic strife, sticking to those calls has become increasingly difficult. "It's going to take longer for rates to rally," said John Madziyire, senior portfolio manager and head of U.S. Treasuries and TIPS at Vanguard Fixed Income Group. "Recession or no recession, we think the probability of higher-for-longer interest rates is far greater than the likelihood of near-term cuts," credit investment firm Oaktree Capital said in a recent note. A re-acceleration in inflation could lead to higher rates than the market has priced in. Some are navigating the uncertainty by combining exposure to higher-yielding short term bonds with long-term bonds in case of a downturn.

Persons: –, Felipe Villarroel, John Madziyire, Oaktree Capital, Danielle Poli, Anthony Woodside, Woodside, Stephen Dover, Chip Hughey, Davide Barbuscia, Richard Chang Organizations: Bond, Federal Reserve, TwentyFour Asset Management, Bank of, Fitch's U.S, Treasury, Oaktree, Fund, Reuters, U.S, Franklin Templeton Investment Solutions, Truist Advisory Services, Vanguard, Thomson Locations: U.S, Oaktree

☆ A millionaire who retired at 36 shares the top 4 funds he's holding, the ones he's sold due to high fees, and the stock up 1,000% in the last 10 years that's yielded him the most gains
▼ + stars: | 2023-08-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

He began by investing in stocks and funds with higher fees. Early retirement wasn't an accident for Quan, nor was it a sudden decision after he sold his company. Gaining exposure to this fund helps balance his exposure to US stocks which he gets from a few funds he holds. "Ironically enough, I want to say that COKE has grown the most over the time as an individual stock," Quan said. He has mainly been allocating to iShares' IEMG in order to increase his exposure to those markets.

Persons: Michael Quan, wasn't, Quan, CWGIX, COKE, maxing, wife's ROTH Organizations: Income, Vanguard, Investment Company Institute, Holdings, Vanguard FTSE, Cola Consolidated Inc, DFA Locations: Canada, Europe, Japan

☆ This international stock picker beats the market long term by mastering downside risk
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Now the manager of the Goldman Sachs' International Equity Income Fund (GSTKX) , as a young man Deladerriere was surrounded by farmers and government employees, not investors. Deladerriere sought out companies with good business fundamentals, saying many of the firms he invested in back then have survived and are "actually thriving." One was French energy technology provider Schneider Electric, still a holding in his Goldman fund. He landed a research internship at Goldman Sachs Asset Management, and is now a partner and head of international developed markets equity. Good times and bad In 2012, Deladerriere started managing Goldman International Equity Income, a $1.1 billion fund with a five-star rating from Morningstar.

Persons: Alexis Deladerriere, Goldman Sachs, Deladerriere, Goldman, that's, Morningstar Organizations: International Equity Income, Schneider Electric, Ecole Superieure de Commerce de Paris, Goldman Sachs Asset Management, Goldman International Equity, Morningstar, Vinci, Schneider, Stock, Zurich Insurance Group, Singapore Locations: France, French, Europe, Australasia, London, New York, U.S, Swiss

July 27 (Reuters) - British asset manager Schroders (SDR.L) reported a drop in first-half assets under management on Thursday, due to weaker investor sentiment and market volatility. Schroders' assets under management fell to 726.1 billion pounds ($940 billion) in the six months to June 30, from 737.5 billion pounds at December-end. The company generated 5.7 billion pounds in net new business, excluding joint ventures and associates. In contrast, Jupiter Fund Management (JUP.L) jumped 14% to the top of the FTSE mid-cap (.FTMC) after it reported assets under management rose 2% to 51.4 billion pounds. The fund manager saw "small" net inflows of 23 million pounds, helped by institutional client demand.

Persons: Schroders, Calastone, Peter Harrison, Jefferies, James's, Peel Hunt, Eva Mathews, Savio D'Souza, Sinead Cruise, Sharon Singleton Organizations: Reuters, Bank of England, JPMorgan, Jupiter Fund, Peel, Thomson Locations: British, Bengaluru

☆ Bill Miller, who once beat the market for 15 straight years, redefines value investing
▼ + stars: | 2023-07-27 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Bill Miller, the value investor known for once beating the market for 15 years in a row, is also well recognized as an early investor in bitcoin and Amazon . Miller made his name by running the Legg Mason Capital Management Value Trust, which beat the S & P 500 every year from 1991 to 2005. He left Legg Mason to found Miller Value Partners in 2012 after the fund suffered steep losses and an exodus of assets during the financial crisis. Samantha McLemore, Miller's longtime co-manager, will assume management of Miller Opportunity Trust through her firm Patient Capital. His eldest son, Bill Miller IV, will become the lead manager for the Miller Income Fund.

Persons: Bill Miller, Miller, Legg Mason, Jeff Bezos, MacKenzie Scott, bitcoin, who's, Samantha McLemore, Miller's, Bill Miller IV Organizations: Legg Mason Capital Management Value Trust, Miller Value Partners, Amazon, Opportunity Trust, Morningstar, Delta Air Lines, Cruise Line, Big Tech, Miller Opportunity Trust, Capital, Miller Income Fund Locations: bitcoin

☆ A top-1% fund manager over the past 5 years shares his strategy for finding mispriced assets to earn income with less volatility — and the 5 top places he's investing now
▼ + stars: | 2023-07-25 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Fidelity's Adam Kramer has overseen one of the top multi-asset income funds of the past five years. Here are five asset classes he's targeting right now in this uncertain environment. The composition of the fund is weighted toward whichever asset classes are improperly priced by the market at a given time. An equally compelling aspect of the Fidelity Multi-Asset Income Fund is its ability to protect against losses and hedge against volatility. This year, convertible bonds have rebounded dramatically and are the best-performing class within fixed income, Kramer said.

Persons: Fidelity's Adam Kramer, Kramer, Adam Kramer, Morningstar, —, Ford O'Neil, Ramona Persaud, Kramer doesn't, what's, he's Organizations: Fidelity Investments, Fidelity, Fund, Microsoft, Apple

Reuters GraphicsAnalysts said the data underlined that once-booming ESG funds were no longer immune from wider market dynamics. BELOW PEAKNet assets across ESG funds fell in the second quarter and to below recent peaks, according to Refinitiv. Morningstar's global director of sustainability research, Hortense Bioy, said their preliminary data suggested demand for more stringent ESG funds appeared resilient. However, she said that managers' desire to meet European Union regulations had encouraged some firms to reclassify their ESG funds as traditional products, impacting investor flows. The anti-ESG backlash had also hit U.S. firms' appetite for marketing sustainable funds, "which has had an impact on sales," Bioy said on the sidelines of a conference this week.

Persons: outpacing, Edward Glyn, ESG, Hortense Bioy, Bioy, Tommy Reggiori Wilkes, Patturaja, David Holmes Organizations: Equity, Reuters, Reuters Graphics Analysts, outflows, ESG, Reuters Graphics, Thomson Locations: Europe, United States, Calastone

☆ Bond yields and volatility are spiking. These ETFs should benefit
▼ + stars: | 2023-07-06 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Wall Street's glide toward higher stocks and falling bond yields was jolted into reverse Thursday, as surprisingly strong economic data sent bond yields soaring and stocks tumbling . For example, the iPath Series B S & P 500 VIX Short-Term Futures ETN (VXX) and the ProShares VIX Short-Term Futures ETF (VIXY) serve as bets that investor expectations of volatility will go up from here. The UVXY is designed to provide 1.5-times returns of the VIX short-term futures and was up about 8% in midday trading. Rising yields Profiting from rate spikes through bond funds can be a bit tricky. The biggest fund in that space is the iShares Floating Rate Bond ETF (FLOT) , which was little changed on Thursday.

Persons: PFIX, FLOT Organizations: Treasury, Dow Jones, US Treasury

☆ The US stock market rally is unsustainable, but making these 20 international investments can lead to long-term profits, according to 3 fund managers with over $43 billion in combined assets
▼ + stars: | 2023-06-30 | by ( James Faris | ) www.businessinsider.com time to read: +9 min

International stocks have underperformed for over a decade, while US growth names took off. However, foreign companies have attractive relative valuations and earnings growth. Why foreign stocks are more than just a good dealAnyone bullish on international stocks will almost always point to their valuations relative to US companies. Investors can get downside protection in this uncertain environment by buying international stocks that are high quality and can generate their own growth, Deladerriere said. And in addition to their rising earnings growth, the fund manager noted that the two pay sizable dividends.

Persons: they've, Nick Paul, Paul, Steve Gorham, who's, Gorham, Wes Crill, Crill, isn't, Alexis Deladerriere, Deladerriere, there's, Goldman, haven't, He's, it's Organizations: MFS Investment Management, Value, Vanguard, Index, Yahoo Finance, Dimensional Fund Advisors, Fund, Goldman Sachs International Equity Income, Goldman, Asset Management, Goldman Sachs, Management, HSBC, BNP, Schneider, MFS, Hitachi Locations: Europe, Asia, BlackRock, weightings, Gorham, Japan, London, Paris, Spanish, Ukraine, France, Australia, Taiwan

☆ These are the top equity income ETFs of the first half
▼ + stars: | 2023-06-27 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The JPMorgan Equity Premium Income ETF (JEPI) attracted a surge of cash last year with its outperformance and yield above 10%, showing that funds that combined equity exposure with income-generating options strategies could find a foothold with investors. QYLG YTD mountain The QYLG ETF has been one of the top equity income ETFs so far this year. JEPI's sister fund, JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) , is also a top performer with a return of more than 22% year to date. Another income-focused fund that is having a big year is the YieldMax TSLA Option Income Strategy ETF (TSLY) , which writes calls on the popular electric vehicle stock. Several ETF issuers are now launching similar products to JPMorgan's popular income fund, giving investors more options to find yield without leaving the equity market.

Persons: JEPI's, Bryn Talkington, JEPI, Sara Levin, Levin Organizations: JPMorgan Equity, Nasdaq, JPMorgan Nasdaq Equity, Global, Schwab U.S, WallachBeth

☆ U.S. equity funds see biggest outflow in 12 weeks
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

June 23 (Reuters) - U.S. equity funds recorded their biggest outflows in 12 weeks for seven days ended June 21 as the Federal Reserve's hawkish stance sparked worries of more rate hikes this year. Investors offloaded U.S. equity funds worth a net $16.47 billion in their biggest weekly net selling since March 29. They had bought into funds worth $19.7 billion just a week ago. U.S. equity funds of all sizes recorded outflows, with large caps losing $7.54 billion, small caps shedding $2.63 billion, multi caps giving up $1.04 billion and mid caps dropping $138 million. Reuters Graphics Reuters GraphicsU.S. money market funds also recorded $21.14 billion worth of outflows, in a second consecutive week of net selling.

Persons: Jerome Powell, financials, Gaurav Dogra, Anil D'Silva Organizations: Federal, Investors, Reuters Graphics Reuters, Reuters Graphics Reuters Graphics U.S, Thomson Locations: U.S, Patturaja, Bengaluru

☆ The 8 stocks most favored by a fund manager who beat 93% of his peers last year, plus the 4 indicators that he says could signal a downward turn in 2023's stock market rally
▼ + stars: | 2023-06-21 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

Michael Cuggino, the president and portfolio manager of the Permanent Portfolio Family of Funds, says the current economic situation is a tale of two sides. The firm has two fixed-income funds, an aggressive growth equities fund, and a diversified fund known as the Permanent Portfolio that has been around since 1982. Last year, the permanent portfolio fund outperformed 93% of similar funds, according to Morningstar data. So far this year, it has been the growth stocks that are benefiting. The top four signals he's keeping an eye on are, first, a rapid increase in the unemployment rate, which would hit consumer spending and permeate other parts of the economy.

Persons: Michael Cuggino, Cuggino, It's, it's Charles Schwab Organizations: Federal, Morningstar, Companies, BHP Group, Exxon, Chevron, Nvidia, Broadcom, Apple Locations: Freeport, McMoRan, Australia

☆ Municipal bonds can offer your portfolio tax-free income and stability as recession fears loom
▼ + stars: | 2023-06-21 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

"People see [municipal bonds] as a defensive position for two reasons," said Shannon Saccocia, chief investment officer at NB Private Wealth. "Historically, municipal bonds have had low default rates," wrote Jared Woodard, investment and exchange-traded fund strategist at Bank of America, in a June 12 report. For instance, there's the Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) and the Nuveen New York Quality Municipal Income Fund (NAN) . In select situations, some advisors are recommending closed-end municipal bond funds. Closed-end muni bond funds trading at a deep discount include the BNY Mellon Municipal Income (DMF) and the MFS High Income Municipal (CXE) .

Persons: Shannon Saccocia, Jerome Powell, Jared Woodard, Nisha Patel, Patel, Paul Winter Organizations: Bank of America, Bond, Muni Bond ETF, Vanguard, Income Fund, Five, BNY, Income Locations: York, BNY Mellon

"It would be fair to characterize Charles Schwab as a financial services supermarket," Michael Wong, director of North American equity research and financial services at Morningstar, told CNBC. "Anything that you want, you can find in Charles Schwab's platform." Charles Schwab was among the firms that benefited from the growth of retail investing during the coronavirus pandemic, and it’s now facing the consequences of Federal Reserve’s aggressive interest rate hikes. Charles Schwab told CNBC it was unable to participate in this documentary. Watch the video above to learn more about how Charles Schwab battled the ever-evolving financial services market – from fees to fintech – and how the reward doesn’t come without the risk.

Persons: Charles Schwab, Michael Wong, Charles Schwab's, ” Alex Fitch, Edward Jones, Morgan Stanley, Charles Schwab’s, fintech – Organizations: Charles Schwab Corp, North, Morningstar, CNBC, Oakmark Equity, Income, Fidelity, Interactive, Stifel, JPMorgan, UBS, Robinhood Locations: United States

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