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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Dreyfus Bet on Tobacco Bonds Pays Off With Top Muni Fund Returns Fund avoided Puerto Rico, FirstEnergy Solutions bonds Nuveen, Goldman Sachs high yield funds rounded out top three Dreyfus Corp.’s $170 million high-yield municipal-bond fund is beating bigger and better-known competitors by riding a rebound in tobacco bonds while avoiding pitfalls such as Puerto Rico debt. fund returned 10.2 percent through the first three quarters of the year. High-yield tax-exempt funds managed by Goldman Sachs Asset Management ranked second and third, respectively. Dreyfus’s fund held almost 11 percent of its portfolio in tobacco bonds at the end of July and benefited from a 18.5 percent run-up in the debt in the year’s first half. Tobacco bonds rebounded after money managers dumped the securities -- among the most liquid high-yield municipal bonds -- to meet redemptions during the bond-market rout that erupted after President Donald Trump’s victory. Refinancings by New York City and California and moderate smoking declines have also boosted performance. “After it became clear Trump wasn’t going to his enact his agenda, there was a strong tobacco rally and we were well positioned for that," said Dan Barton who co-manages the Dreyfus fund with Jeffrey Burger in Boston. “A lot of funds are looking for yield-ier alternatives to Puerto Rico." High-yield munis returned 7.7 percent through the third quarter, three percentage points more than investment grade municipal bonds, according to Bloomberg Barclays Indexes. The sector has benefited from an imbalance in supply and demand. Two-thirds of the $10.5 billion investors added to the municipal market this year flowed into high-yield funds, according to Lipper U.S. Fund Flows data.
However, the same speed did not apply to FCTC’s guidance on tobacco control programmes. The revenue collected from cigarette sales was used to finance local smoking cessation programmes like mQuit . From the year 2016 to 2019, the Health Ministry targets to help 390,000 smokers quit the habit. The targeted quantity of smokers is only equivalent to 7.8% of the current smoking population, and resources allocated are evidently insufficient. Malaysia’s current minimum legal age for smoking is 18 . Countries like Singapore and Sri Lanka have made progress to raise the age requirement to 21 while Malaysia is still debating on its 2018 tobacco bill . Although the government has designated non-smoking zones , there seemed to be negligible enforcement and issuance of fines. Is Malaysia’s government just too incompetent? The government may have been aware of the possible consequences in hasty cigarette tax hikes. It decided tax hikes were necessary to meet its budget deficit target.
Abele Park, DiCaprio Park, Fort Hunter Park, Roger Keenholts Park, McKownville Park, Nott Road Park and Dog Park, Tawasentha Park and Winter Recreation Area, and Volunteer Firefighters Memorial Park. Barber said the desire for the ban was driven by aesthetics as well as health. "We have fishing areas and scenic trails that we want to keep free of cigarette litter," he said. Vaping advocates argue that e-cigarettes are not combustible, so second-hand smoke does not pose a health threat. Barber told the Times Union the ban was focused on protecting children from second-hand smoke as well as the temptation to smoke themselves. And he disagrees that e-cigarettes are harmless to the non-users who are in the vicinity of vaping. "Children watch and observe, and vaping might look like something they would want to do someday," Barber says. "And the aerosol from electronic cigarettes can contain nicotine and other carcinogens that can be inhaled by people sharing the park. E-cigarettes are just not consistent with a family-friendly park." The new law imposes a $50 fine for the first violation, while repeat offenders could find themselves paying $200-$500. "We don't need the revenue from the fines," Barber said, adding that he was confident locals would comply with the ban. The nonprofit group Capital District Tobacco Free Communities praised the ban.
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