Credit fundamentals and market supply dynamics provide a tailwind for non-Agency RMBS.
With higher yields and shorter durations, Agency bonds represent better value than U.S. Treasurys in 2016.
With the exception of well-known problem credits, such as Puerto Rico and Chicago, fundamentals in the municipal bond market remain strong.
Widening spreads and higher yields in investment-grade corporates presents opportunities to add selectively to positions where our credit conviction remains unchanged.
Today’s markets test the strongest convictions, but we believe it is a passing storm.
While volatility in credit markets may not yet be over, we believe now is the time to look for new high-yield and bank loan investment opportunities.
The energy sector represents an attractive opportunity to invest in high yielding securities, but investors must consider the sector specific first- and second-order effects of depressed energy prices.
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