Hartford Funds has launched two new municipal bond funds. Hartford Municipal Short Duration Fund (HMJAX) and Hartford Municipal Income Fund (HMKAX) in addition to the existing Hartford Municipal Opportunities Fund (HHMAX), complete Hartford Funds’ suite of short-duration, intermediate-duration and income-focused municipal bond fund options. The suite of funds offers a spectrum of choices designed to address investor needs.
“As part of our human-centric investing approach, we regularly look across the market to seek out the best opportunities to meet the needs and wants of investors,” says Thomas McConnell, Head of Product Innovation and Implementation, Hartford Funds. “We know that paying taxes on investments is an emotional pain point with investors. We see our suite of municipal bond funds as an extremely attractive investment option for those seeking income generally exempt from federal income taxes.”
Strategically aligned with the Hartford Municipal Opportunities Fund, the two new funds are designed to generate current income generally exempt from federal income taxes, while also delivering long-term total return. Each fund is focused on purchasing differing levels of investment grade and non-investment grade municipal securities across a diverse array of states and sectors at different maturities and durations. The Hartford Municipal Income Fund will be benchmarked against the Barclays Municipal Bond Index and the Hartford Municipal Short Duration Fund will be benchmarked against the Barclays Municipal Bond Short 1-5 Year Index.
The expanded municipal fund suite builds on the strong performance of the Hartford Municipal Opportunities Fund. The principles behind the new funds are consistent to that of the existing fund; focused primarily on deep credit research and sector rotation.
The funds are sub-advised by Wellington Management’s municipal bond team. Wellington Management’s Brad W. Libby, Managing Director and Fixed Income Portfolio Manager/Credit Analyst and Timothy D Haney, CFA, Senior Managing Director and Fixed Income Portfolio Manager, serve as Portfolio Managers of the funds.