Municipal performance through the first four months of 2023 is a semi-welcome respite from the tough 2022 that many asset managers faced. 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 unwind in the other direction. Though sole exempt investors are strapped in and along for the ride, those who live in the crossover world can maneuver more adeptly around “relative value.” Wesly Pate, a senior portfolio manager at Income Research & Management joins Bloomberg Intelligence Strategist Eric Kazatsky on this Masters of the Muniverse podcast episode to explain how a true cross-over investor is looking at munis’ potential opportunities.