Western Asset Managed Municipals Fund Q3 2025 Commentary (SHMMX)

Franklin Templeton 4.62K Follower s Follow 5 Share Save Play ( 4min ) Comments Summary Municipal supply conditions continue at a record pace as municipal issuance reached $155 billion in 3Q25, up 12% from 3Q24 levels. Security selection in the power sector contributed to performance. Issue selection in the leasing and local GO sectors detracted from performance. Western Asset believes longer maturities continue to offer attractive relative value for long-term investors, considering elevated absolute muni yield levels. We anticipate that a strong labor market and consumer spending will support tax collections and municipal credit conditions over the medium term. Ca-ssis/iStock via Getty Images Key Takeaways Markets: During the third quarter, volatility in both equity and Treasury markets remained relatively subdued. The U.S. Treasury yield curve bull-steepened, reflecting market expectations for slower growth, moderation in economic data and potential rate cuts. Risk assets performed well, with the This article was written by Franklin Templeton 4.62K Follower s Follow Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

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