Muni Investors Who Got 2015 Right Seek Gains in Market's Swings

  • MacKay Shields says drop in dealer holdings signals volatility
  • Firm's calls gave it two of the 10 best funds in past year

MacKay Shields’s John Loffredo and Robert DiMella made five predictions for the municipal-bond market in 2015, and they all came true. This year, the co-heads of munis at the $90 billion investment firm expect a liquidity tug-of-war to create profit-making opportunities.

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