Municipal Performance through the first 4 months of 2023 is a semi-welcome respite from the awful 2022 that many asset managers had to contend with. Somewhat unsurprisingly, the tax-exempt market is still contending with the same challenges that somewhat define the sector such as supply and demand imbalances and municipal valuations that seem overly rich until they violently unwind in the other direction. While sole exempt investors are strapped in and along for the ride, those who live in the cross over world can maneuver more adeptly around “relative value” Joining us to explain how a true cross-over investor is eyeing the opportunity set in munis is Wesly Pate Senior Portfolio Manager at Income Re.