The U.S. economy remains on solid footing, explain Portfolio Manager Adam Bloch and Brian Smedley, head of the Macroeconomic and Investment Research Group, but trade war risk, a flattening yield curve, and other factors signal challenges ahead that warrant portfolio changes.
While the U.S. economy remains on solid footing, exogenous risks threaten asset values, market confidence, and the strength of the U.S. economy.
Shortening duration, maintaining an investment-grade portfolio, and generating attractive yields do not have to be competing investment objectives for core fixed-income investors.
After several quarters of low volatility, tight spreads, and abundant liquidity, financial conditions are shifting.
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.
Fixed-Income Outlook: Prudent investors must look past melt-up conditions to the longer-term outlook.
As concerns mount that the market has become vulnerable to near-term shocks, we remain committed to reducing credit risk and spread duration.
Finding value in complexity: The structure, risks, and investor-friendly features of asset-backed securities.
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.
Explaining the structure and investor-friendly features of collateralized loan obligations (CLOs), an often misunderstood sector of structured credit.
Our first quarter 2017 report reflects expectations for strong risk-asset performance as President Trump’s economic agenda takes shape.
In our fourth quarter 2016 report, investment team leaders discuss market conditions heading into a new administration and likely Fed rate hikes.
Our third quarter 2016 report, details our current fixed-income strategy, economic outlook and where we see relative value.
In the second-quarter 2016 report, our fixed-income team discusses where we’re finding relative value amid market volatility.
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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