Search Home Newsroom Newsroom Filter By Services Sectors Types Clear All Featured Report | Effective Change Management in Equity Implementation This resource provides promising change management practices for those looking to integrate equity into their budgetary and capital planning development and decision-making processes. Read More Fixed Income Monthly Market Review | November 2021 Fixed Income Monthly Market Review - November 2021 Read More Multi-Asset Class Monthly Market Review | November 2021 Multi-Asset Class Monthly Market Review - November 2021 Read More Special Report | Recommendations for Districts in Spending Federal ESSER Funds PFM’s public finance professionals who work with school districts on budgeting and financial planning offer a variety of recommendations that decision-makers might consider as they evaluate potential uses and deploy the ESSER funds. Read More Municipal Market Monthly Market Review | October 2021 Municipal Market Monthly Market Review - October 2021 Read More Fixed Income Monthly Market Review | October 2021 Fixed Income Monthly Market Review - October 2021 Read More Multi-Asset Class Monthly Market Review | October 2021 Multi-Asset Class Monthly Market Review - October 2021 Read More InvestEd | Lessons Learned During the Pandemic This tumultuous period has naturally caused us to thoughtfully reflect on a few lessons as well as what we have seen played out among investors since early 2020. Read More PFM Perspectives Podcast | Listening In: Short Duration Strategies James Sims discusses why you might consider low or short duration investment strategies in today's low interest environment. Read More Municipal Market Monthly Market Review | September 2021 Municipal Market Monthly Market Review - September 2021 Read More Fixed Income Monthly Market Review | September 2021 Fixed Income Monthly Market Review - September 2021 Read More Multi-Asset Class Monthly Market Review | September 2021 Multi-Asset Class Monthly Market Review - September 2021 Read More PFM Q&A | Pulling Back the Curtain on Investing Bond Proceeds In the following Q&A session, Christopher Harris discusses PFM Asset Management’s strategy and views when it comes to investing bond proceeds. Read More Municipal Market Monthly Market Review | August 2021 Municipal Market Monthly Market Review - August 2021 Read More Fixed Income Monthly Market Review | August 2021 Fixed Income Monthly Market Review - August 2021 Read More Multi-Asset Class Monthly Market Review | August 2021 Multi-Asset Class Monthly Market Review - August 2021 Read More InvestEd | How Does ESG Impact Performance? We examine the impact of ESG on performance in the fixed income sector by evaluating the performance and risk characteristics of comparable ESG and non-ESG indices. Read More Featured Report | Equity in Capital Planning This resource outlines strategies and case examples (related to equity in capital planning) from across the country that can be adapted to the local context. Read More Issuer Insight | COVID-19 and the Arbitrage Rebate Requirements Many tax-exempt bond issuers are realizing the impact the pandemic has had on their projects, plans and budgets. Read More Special Report | What You Should Consider About Benefit Bonds The issue of funding an increasing pension liability is always top of mind for many trustees and state officials. Read More Municipal Market Monthly Market Review | July 2021 Municipal Market Monthly Market Review - July 2021 Read More Fixed Income Monthly Market Review | July 2021 Fixed Income Monthly Market Review - July 2021 Read More Multi-Asset Class Monthly Market Review | July 2021 Multi-Asset Class Monthly Market Review - July 2021 Read More U.S. Bank Acquires PFM’s Asset Management Business U.S. Bank announced today that it has entered into a definitive agreement to purchase PFM Asset Management LLC under its subsidiary, U.S. Bancorp Asset Management Read More InvestEd | Short Duration Strategies are Worth a Look The current environment caused many investors to ponder ways to generate positive returns, particularly those that operate in the world of fixed-income. Read More Municipal Market Monthly Market Review | June 2021 Municipal Market Monthly Market Review - June 2021 Read More Fixed Income Monthly Market Review | June 2021 Fixed Income Monthly Market Review - June 2021 Read More Multi-Asset Class Monthly Market Review | June 2021 Multi-Asset Class Monthly Market Review - June 2021 Read More PFM Multi-Manager Funds Achieves 3-Year Track Record and Surpasses $2 Billion in AUM Read More Fixed Income Monthly Market Review | May 2021 Fixed Income Monthly Market Review - May 2021 Read More Municipal Market Monthly Market Review | May 2021 Municipal Market Monthly Market Review - May 2021 Read More Multi-Asset Class Monthly Market Review | May 2021 Multi-Asset Class Monthly Market Review - May 2021 Read More PFM Perspectives Podcast | A Conversation on the 2020 NACUBO-TIAA Survey The NACUBO-TIAA Survey offers a wide-ranging overview of endowment and foundation investment programs. Read More TEXPERS Returns to In-person Gatherings With Legislative Workshop The Texas Association of Public Employee Retirement Systems conducted a Legislative Workshop for its System Members in Austin. Read More Special Report | 2020 NACUBO-TIAA Study of Endowments Results Latest 2020 NACUBO-TIAA Study of Endowments (NTSE) shows improved long-term results. Read More PFM Welcomes Returning Senior Professional Charles “Chuck” Matthews returns to the firm after spending 10 years in investment banking. Read More Special Report | Why Long-Term Rates are Rising as Short-Term Remain Near-Zero Despite the headlines about rising rates, investors in the short end of the yield curve aren’t seeing the same increase as their long-term counterparts. Read More Equitable Recovery in Practice Many local governments are working to address longstanding issues related to healthcare, poverty, access, policing, and criminal justice that disproportionately burden communities of color. Read More Municipal Market Monthly Market Review | April 2021 Municipal Market Monthly Market Review - April 2021 Read More Fixed Income Monthly Market Review | April 2021 Fixed Income Monthly Market Review - April 2021 Read More Multi-Asset Class Monthly Market Review | April 2021 Multi-Asset Class Monthly Market Review - April 2021 Read More InvestEd | Multi-Asset Class Minority Manager Investing The rise in ESG investing has driven an increased awareness of and interest in minority-owned investment firms. Read More PFM Perspectives Podcast | Treasury Management in a Changing World David Walters discusses how higher education institutions and their treasury departments can adapt to the new realities of a changing landscape. Read More Municipal Market Monthly Market Review | March 2021 Municipal Market Monthly Market Review - March 2021 Read More Fixed Income Monthly Market Review | March 2021 Fixed Income Monthly Market Review - March 2021 Read More Multi-Asset Class Monthly Market Review | March 2021 Multi-Asset Class Monthly Market Review - March 2021 Read More Special Report | Benefit Bonds Life Raft or Anchor A year after the COVID-19 pandemic placed its grip on the globe and the capital markets, the topic of benefit bonds (e.g., POBs) has become mainstream in discussions of pension plan funding. Read More PFM Perspectives Podcast | The Potential Market Impacts of Fiscal and Monetary Policies Under the Biden Administration James Sims discusses the new political reality and the possible market implications of the administration’s policies. Read More InvestEd | ESG Strategies and Key Considerations for Implementing an ESG Approach PFM works with clients to help them develop and implement ESG solutions customized to their sustainable investment objectives. Read More Healthcare Finance Newsletter Healthcare Finance Newsletter - February 2021 Read More PFM Perspectives Podcast | Incorporating ESG Investing into Multi-Asset Class Portfolios PFM discusses how investors can build diversified multi-asset class portfolios that uphold ESG standards. Read More Municipal Market Monthly Market Review | February 2021 Municipal Market Monthly Market Review - February 2021 Read More Fixed Income Monthly Market Review | February 2021 Fixed Income Monthly Market Review - February 2021 Read More Multi-Asset Class Monthly Market Review | February 2021 Multi-Asset Class Monthly Market Review - February 2021 Read More PFM Perspectives | Fiscal and Monetary Policy Considerations Under the Biden Administration This new political reality may significantly impact future stimulus efforts as well as fiscal and monetary policy. Read More Municipal Market Monthly Market Review | January 2021 Municipal Market Monthly Market Review - January 2021 Read More Multi-Asset Class Monthly Market Review | January 2021 Multi-Asset Class Monthly Market Review - January 2021 Read More Fixed Income Monthly Market Review | January 2021 Fixed Income Monthly Market Review - January 2021 Read More Sector in Focus | PFM’s Stable Value Diverse Manager Strategy Solution Diversity, equity and inclusion is increasingly discussed in the world of finance, specifically in the stable value space within which PFM operates. Read More Municipal Market Monthly Market Review | December 2020 Municipal Market Monthly Market Review - December 2020 Read More Fixed Income Monthly Market Review | December 2020 Fixed Income Monthly Market Review - December 2020 Read More Multi-Asset Class Monthly Market Review | December 2020 Multi-Asset Class Monthly Market Review - December 2020 Read More PFM Perspectives | Post-Election Recap and Analysis Investing and attempting to game the implications of a particular election cycle accurately can be challenging, and 2020 has been no exception. Read More PFM InvestEd | Understanding Bank Deposits We explore the earnings credit rate that many banks offer to their institutional depositors. Read More Fixed Income Monthly Market Review | November 2020 Fixed Income Monthly Market Review - November 2020 Read More Municipal Market Monthly Market Review | November 2020 Municipal Market Monthly Market Review - November 2020 Read More Multi-Asset Class Monthly Market Review - November 2020 Multi-Asset Class Monthly Market Review - November 2020 Read More PFM Perspectives | An Introduction to Alternatives in Multi-Asset Class Portfolios Assets outside of traditional publicly-traded bonds and stocks, such as private equity and/or real assets, have come into focus. Read More InvestEd | PFM's Manager Research Process Manager research is an integral part of a broader portfolio management process. We explore the two aspects of manager research, which are manager selection and manager oversight. Read More Whomever Wins the Presidency, Pressing Issues are Likely to Impact Performance of U.S. Capital Market Indices Regardless of which candidate wins the 2020 election, the incoming president will be confronted with a litany of pressing pandemic-related, economic, social, and geopolitical challenges. Read More PFM's Center for Justice & Safety Finance Explores the Defunding Debate The reality is that many of the approaches sought by the defund the police movement are completely consistent with several best practices in budgeting. Read More PFM Q&A | PFM’s Environmental, Social, and Governance Multi-Asset Class Investment Capabilities Floyd Simpson and Bikram Chadha discuss our ESG multi-asset class investment capabilities and answer some frequently asked questions. Read More PFM Launches its Stable Value Diverse Manager (SVDM) Strategy Read More PFM Names Matthew Stitt as Director and National Lead for Equitable Recovery and Strategic Financial Initiatives Read More Sector in Focus | Short-Term Fixed Income in a Zero Rate Environment The Federal Reserve slashed interest rates to near-zero with a series of emergency rate cuts. Read More PFM Perspectives Podcast | 5-in-10: Alternative Investments As investors increasingly look to expand their asset allocations to help meet their investment objectives, alternatives may be a part of that conversation. Read More Risk Mitigation Opportunities: Taking Time to Re-evaluate Portfolio Strategies and Board Governance While investors cannot control what the Fed is doing, we can recalibrate current positioning and take a serious look at the risk within the portfolio and its governance. Read More PFM Perspectives Podcast | The State of the Asset Backed Security Market Dive into the asset-backed securities market to better understand the dynamics impacting fixed-income investors. Read More PFM Q&A | Recent Modifications to the Accredited Investor and Qualified Institutional Buyer Definitions CIO Marty Margolis discusses the change to the SEC rules that limit sales of certain private market securities. Read More PFM Perspectives Podcast | Income and Growth for an Institutional Investor Listen in as we discuss a hybrid approach to growth and income investment considerations for higher educational institutions Read More We Value Your Security Vol. 2 No. 2 | Don't Take the Bait Throughout the COVID-19 pandemic, there has been an increase in the danger and frequency of phishing attempts. Read More Sarah Schirmer Discusses Governor Cuomo's Executive Order that is Helping Communities Redefine Safety Read More PFM Perspectives Podcast | A Conversation on ESG Investing for a Changing World Listen in as we discuss the increasing interest in ESG investments that create a positive impact on society and align with investor values. Read More PFM Q&A | Current Thinking on the Pandemic and a Range of Topical Economic Issues We conducted a Q&A session with Biagio Manieri to discuss the firm’s views on the potentially long-lasting effects of the ongoing pandemic. Read More InvestEd | Outsourced Chief Investment Officer Trends and Best Practices The ideas and steps outlined serve as a baseline to help institutional investors assess either their current or future OCIO provider. Read More PFM Featured in P&I Investment Insights Pensions & Investments spoke with Biagio Manieri to discuss the question of whether passive or active strategies are better suited to take advantage of a market rebound. Read More PFM Perspectives | COVID-19 and Its Potential Impact on the November Election COVID-19 has had a dramatic impact on everyday life, but what impact might the pandemic have on the U.S. presidential election in November? Read More Board/Investment Committee Views and Messaging During Trying Times Who would have thought that non-profits would be governing in a virtual environment twelve, six or even three months ago? Read More PFM Perspectives | Addressing Systematic Racism The Center for Justice & Safety Finance is one of the critical ways that PFM has worked to combat systemic racism. Read More PFM Special Report | Meeting Debt Covenants During the COVID-19 Pandemic The COVID-19 pandemic has adversely affected the healthcare industry, causing sharp declines in revenue and cash flow. Read More Managing Director David Eichenthal Discusses the Debate over Defunding the Police Read More PFM Perspectives | Higher Education Strategies for Managing Resources The coronavirus outbreak will require colleges and universities to make tough decisions as they grapple with how to manage resources. Read More PFM's Commitment to Change The PFM community stands in solidarity with all people of color and is committed to working toward racial equity and justice in our communities and our country. Read More PFM Q&A | The Current State of the Asset-Backed Securities Market We conducted the following Q&A session with James Sims, CFA to answer some timely questions about the asset-backed securities space. Read More PFM Special Report | Taking a Holistic View to Weather the Storm The severe disruption that is taking place in the higher education industry is like nothing we have seen before. Read More PFM Issuer Insight | Important Reminders for Tax-Exempt Issuers PFM takes a close look at how low arbitrage yields and a changing interest rate environment affect the tax-exempt bond issuer. Read More PFM Perspectives | A Practical Guide to Decision-Making in the COVID-19 Crisis This article offers practical advice on how to evaluate the effect and efficacy of gap-closing initiatives. Read More PFM Special Report | Benefit Bonds Not (Quite) Dead Yet - April 2020 Update While the original piece is more than three years old, the concepts of risk and opportunity remain the same. Read More PFM Special Report | A Steady Hand During Periods of Uncertainty During turbulent times, OCIO providers can be a valuable resource as they can enable quicker, more effective decision-making. Read More PFM Q&A | PFM’s Environmental, Social and Governance Capabilities We view ESG investing as the inclusion of measurable non-financial environmental, social and governance factors into an investment analysis. Read More We Value Your Security Vol. 2 No. 1 | Helping Protect Against Vendor Email Compromise Vendor email compromise is when criminals use lookalike domains or email spoofing techniques to trick employees, acting as the regular vendor. Read More PFM's Environmental, Social and Governance Glossary Despite the recent boom in socially conscious investments, some confusion remains when it comes to defining certain ESG terms and acronyms. Read More PFM Perspectives | 2020 Election: For Investors, Does It Matter Who Wins? This report is meant to offer a snapshot of how presidential elections impact capital market performance. Read More PFM Q&A | New Trends in Repurchase Agreements In order to provide better insight into the repo market and to answer some FAQs regarding this topic, we conducted the following Q&A session with Chris Blackwood and Jeff Rowe. Read More PFM Q&A | PFM's Capital Market Assumptions Process In order to provide insights into our Capital Market Assumption (CMA) development process and answer FAQs, we conducted a Q&A session with the author Biagio Manieri. Read More PFM Issuer Insight | Arbitrage Rebate Basics PFM takes a look at the arbitrage rebates basics we think every issuer should be familar with and understand. Read More Munis Take Britain PFM's work in the UK is featured in this Bloomberg Brief. Read More We Value Your Security | When You Just Aren’t Yourself: Combating Social Engineering Attacks Stopping social engineering attacks begins with awareness. Read More We Value Your Security Vol. 1 No. 3 | Data Breaches: Avoid Becoming a Headline Understanding how and why data breaches occur is the first line of defense. Read More We Value Your Security Vol. 1 No. 2 | Ransomware: Pay Up & No Byte Gets Hurt Ransomeware attacks are just one way cybercriminals will try to profit from gaining access to protected information. Read More PFM Issuer Insight | Preparing for the LIBOR to SOFR Transition SOFR Set to Replace LIBOR Read More Newsletter Sign-up Privacy Disclosures Terms and Conditions Sitemap Bond Calendar Join Us On