Portfolio Strategy

Our award-winning fixed-income investment team reports on portfolio management and asset allocation strategies to navigate markets with the goal of maximizing risk-adjusted returns.


 

Fourth Quarter 2019 Fixed-Income Outlook

Brian Smedley, Head of the Macroeconomic and Investment Research Group, and Portfolio Manager Adam Bloch share insights from the fourth quarter 2019 Fixed-Income Outlook.


March 24, 2020

The Impact of ETFs and Index-Tracking and Passive Strategies on the Fixed-Income Market

There are three key areas where the allocation requirements of passive fixed-income vehicles have an impact on the market.


February 18, 2020

Concerned About Climate Change? 6 Ways for Insurers to Future-Proof Their Portfolios

Rising global temperatures and water levels are affecting markets and economies, with more trouble ahead. Insurers need to plan for it now.


January 22, 2020

Asset Management Needs to Get Serious About Attracting and Retaining More Women

Attaining greater representation of women isn’t just the right thing to do for the asset management industry, it is the smart thing to do for clients.


December 23, 2019 | Fixed-Income Outlook

Risk and Reward of Successful 'Mid-Cycle' Rate Cuts

In all likelihood, the Fed has successfully staved off recession, but current spreads reflect just how little upside there is in credit.


December 23, 2019

Prudent Investing Calls for a Steady Hand

Staying the course in a time of increasing risk.


December 12, 2019

The Transition Away from Libor

Much Progress, More Wood to Chop


November 08, 2019

The Science and Art of Risk Management: Liquidity Risk

Good risk management leads to good decision making.


November 04, 2019

The Risk Mitigation Advantage in Active Fixed-Income Management

Why active has the potential to outperform passive in fixed income.


August 22, 2019 | Fixed-Income Outlook

Looking Past the Liquidity-Driven Rally

Credit spreads could get tighter in this liquidity-driven rally, but history has shown that the potential for widening from here is much greater.


August 22, 2019

Portfolio Management Outlook: Avoiding the Fate of ‘98

We do not think the rally in risk assets is sustainable.


June 19, 2019

It’s Called Core-Plus for a Reason

Core-Plus vs. Core Fixed-Income Portfolio Management


June 17, 2019 | Fixed-Income Outlook

Managing While Risk Premia Shrink

The Federal Reserve’s policy pivot has supported a rally in most credit sectors, but investors should worry about late cycle excesses.


June 17, 2019

Portfolio Management Outlook: Picking Up Pennies in Front of a Steamroller

Given the compressed credit curve and tight spreads, we remain focused on capital preservation and protecting our clients from downside volatility.


May 01, 2019

Understanding Collateralized Loan Obligations (CLOs)

Explaining the structure and investor-friendly features of collateralized loan obligations (CLOs), an often misunderstood sector of structured credit.


April 10, 2019

Positioning Life Insurance Portfolios for the Next Recession (and Beyond)

Given that we are late in the business cycle, life insurers must prepare their portfolios now to avoid reliving the painful lessons learned in the last crisis.


March 07, 2019 | Fixed-Income Outlook

Late-Cycle Drama Is Unfolding

Risk assets will likely enjoy another rally while the Fed stays on hold, but the pause will only allow excesses to become more pronounced.


November 19, 2018 | Fixed-Income Outlook

Jogging to the Exits

Preparing for the market turbulence that typically occurs in the run up to a recession.


August 20, 2018 | Fixed-Income Outlook

Tail Risks Are Getting Fatter

While the U.S. economy remains on solid footing, exogenous risks threaten asset values, market confidence, and the strength of the U.S. economy.


July 09, 2018

Solving the Core Fixed-Income Conundrum

Shortening duration, maintaining an investment-grade portfolio, and generating attractive yields do not have to be competing investment objectives for core fixed-income investors.


May 16, 2018 | Fixed-Income Outlook

Positioned for Choppier Waters

After several quarters of low volatility, tight spreads, and abundant liquidity, financial conditions are shifting.


February 21, 2018 | Fixed-Income Outlook

Walking the Risk Tightrope

Fixed-Income Outlook: Current conditions could persist for some time, but with a possible recession approximately two years away, the time for caution is approaching.


November 13, 2017 | Fixed-Income Outlook

A Tight Market Gets Tighter

Prudent investors must look past melt-up conditions to the longer-term outlook.


August 16, 2017 | Fixed-Income Outlook

The Best Offense Is a Good Defense

As concerns mount that the market has become vulnerable to near-term shocks, we remain committed to reducing credit risk and spread duration.


August 08, 2017

The ABCs of Asset-Backed Securities (ABS)

Finding value in complexity: The structure, risks, and investor-friendly features of asset-backed securities.


May 16, 2017 | Fixed-Income Outlook

A Time for Caution in Complacent Markets

Fixed-Income Outlook: With credit spreads at or near their peaks, our second quarter 2017 report focuses on economic fundamentals and evolving monetary and fiscal policy.


February 15, 2017

Fixed-Income Outlook: Assessing Value in a Faith-Based Rally

Our first quarter 2017 report reflects expectations for strong risk-asset performance as President Trump’s economic agenda takes shape.


December 14, 2016

Fixed-Income Outlook: Risk and Relative Value in a Time of Change

In our fourth quarter 2016 report, investment team leaders discuss market conditions heading into a new administration and likely Fed rate hikes.


August 17, 2016

Fixed-Income Outlook: Finding Relative Value with One Eye on Global Central Banks

Our third quarter 2016 report, details our current fixed-income strategy, economic outlook and where we see relative value.


May 24, 2016

Fixed-Income Outlook: Managing Through a Persistent State of Heightened Volatility

In the second-quarter 2016 report, our fixed-income team discusses where we’re finding relative value amid market volatility.


March 17, 2016

Fixed-Income Outlook: Identifying Relative Value Across U.S. Fixed-Income Market Sectors

In our new quarterly publication, the leaders of our fixed-income investment team discuss relative value and outlook in current market conditions.







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