August 16, 2017
Stock market indexes keep making new highs, credit performance has been strong, and credit spreads keep getting tighter. At the same time, volatility plumbs record lows and central bank policies continue to obscure free market price discovery. In the new edition of our Fixed-Income Outlook, our investment management team explains why a defensive posture is a prudent course of action, and discusses shorter-term, sector-specific tactics to position our portfolios to weather the looming correction. In particular, we believe credit risk assets are particularly at risk of a correction, so we have continued to reduce our exposure to that sector. Our high-yield corporate bond allocation across our Core and Multi-Credit strategies is now at the lowest level since their inception, and we have reduced our positions in lower-rated bank loans and CLO debt.
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FEATURED PERSPECTIVES
Examining the Fed’s announcement to sell its SMCCF holdings.
Strong earnings growth, low default volumes, upward rating migration, and tighter spreads in the recovery phase of the credit cycle.
A Green New Deal should not be viewed as a big government program, but as an opportunity to reinvent vast swaths of the U.S. economy while pursuing the laudable goal of carbon neutrality.
VIDEO
Portfolio Manager Adam Bloch and Matt Bush, a Director in the Macroeconomic and Investment Research Group, share their outlook for the first quarter 2021.
Scott Minerd, Chairman of Investments and Global CIO, discussed his outlook for markets and the economy with CNBC’s Brian Sullivan during the Milken Institute 2020 Global Conference.
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