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The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +2.6% Q4’19 total return (‘TR’), and a +14.4% total return for the full-year 2019. The strong 2019 represented the fourth best annual return since the post-GFC recovery in 2009; modestly t...
Investing in emerging markets debt and Asian fixed income offers the potential for strong returns, an attractive income stream and diversification benefits versus developed markets.
US interest rates stabilized and moved sideways in January and February, before resuming the decline that began in November 2018. Rate stabilization was achieved by a dovish Fed pivot in early January.
US interest rates moved higher early in Q4, with the 10YR peaking at 3.24%. At that point, weakening global growth, trade concerns, and a sharp decline in oil and stock prices caused global interest rates to plummet.
US interest rates moved higher early in Q4, with the 10YR peaking at 3.24%. At that point, weakening global growth, trade concerns, and a sharp decline in oil and stock prices caused global interest rates to plummet.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
US interest rates stabilized and moved sideways in January and February, before resuming the decline that began in November 2018. Rate stabilization was achieved by a dovish Fed pivot in early January.
It seems to us that global central banks (“GCBs”) have repeatedly made it clear that “sooner or later” is meant to encapsulate “being early.” While the wisdom and efficacy of nearly two decades of unprecedented monetary stimulus by the GCBs is open to debate, its effect on financial asset prices ...
The Core Plus strategy returned 3.19%, outperforming the BB US Aggregate Index by 0.11% during the quarter. Interest rate positioning outperformed, primarily due to long positions in global rates. A steeper US curve and favorable country spread positions also contributed.
In this Q2 2019 Quarterly Update we review the increasingly dovish attitudes adopted by central banks and the “whatever it takes” commitment to monetary stimulus, the general high yield market, our portfolio positioning and the top contributors and detractors from our five High Yield Fixed Income...
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +1.22% total return during Q3’19, on the heels of the particularly strong, +10.16% total return of 1H’19.
The Core Plus strategy returned 2.12%, underperforming the BB US Aggregate Index by 0.15% during the quarter. Interest rate positioning underperformed overall. Losing positions in US breakeven inflation rates and the US yield curve shape were partially offset by successful long rate positions in...
The Absolute Return strategy returned 0.61% during the quarter. Interest rate positioning underperformed overall. Losing positions in US breakeven inflation rates and the US yield curve shape were partially offset by successful long rate positions in the US, Europe, and Australia.
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +1.22% total return during Q3’19, on the heels of the particularly strong, +10.16% total return of 1H’19.
Our high yield team focuses on the diligent implementation of our disciplined investment process. Our security selection is driven by bottom-up, value-based fundamental research; top-down analysis plays a secondary role.
Global yields moved higher in January while yield curves steepened. The US ten year yield peaked at 2.95% in late February, up 0.55% from 2.40% at the start of the quarter. European and Australian yields followed a similar pattern, with 10YR bunds topping out at 0.74% and Australian 10YR yields r...
Global yields moved higher in January while yield curves steepened. The US ten year yield peaked at 2.95% in late February, up 0.55% from 2.40% at the start of the quarter. European and Australian yields followed a similar pattern, with 10YR bunds topping out at 0.74% and Australian 10YR yields r...
Barely one week into the new year, two of the most respected investors of investment grade “plus” fixed income publicly singled out high yield corporate bonds as a particularly poor investment. When respected peers make it a point to bash our entire asset class it would be worthy of reflection…if...
As it turns out, the first half of 2018 was challenging for many financial markets in general, and many fixed income markets in particular.
Global interest rates ended the quarter fairly close to where they began with a large change of direction in between.
Global interest rates ended the quarter fairly close to where they began with a large change of direction in between.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
US interest rates stabilized and moved sideways in January and February, before resuming the decline that began in November, 2018. Rate stabilization was achieved by a dovish Fed pivot in early January.
There have been times, over the last couple of years, when we have felt like a complete muggle. Darker forces (QE and the rise of the machines), have clearly been in the ascendancy.
We are a global fixed income investment manager operating with the strength of local “on-the-ground” teams, who systematically share views and investment ideas across a range of fixed income, credit, cash and high yield strategies in developed and emerging markets.
We believe individuals and teams are best placed to meet their potential by working collaboratively, particularly in today’s interlinked and fast-paced global financial markets.
The high yield markets have continued their very strong rally from their February 2016 lows. Every market environment presents investors with somewhat unique market internals, opportunities and challenges.
Fear can often be an extremely powerful motivator, particularly in the investing world. The secular trends of falling yields combined with increasing interest rate risk, or duration, have certainly struck fear into the hearts of fixed income investors around the world (see below).The first chart ...
Look at any investment document and you will see the caveat “Past performance is not a good predictor of future performance”. Regardless of the caveat, past performance continues to provide a comfort blanket for investors and as a result plays a larger part than it should when it comes to appoint...
Emerging market (EM) debt returned 0.5% (in US Dollar terms) in July reflecting income. The risk premium on EM debt increased over the month, with the spread on the index rising to 367 basis points (bps). The yield was virtually unchanged at 5.8%, while US 10-year Treasury yields rallied 18bps to...
Our Emerging Market Debt team provide a review of the first quarter of 2014, including an update on the global environment and market-drivers for Emerging market debt in 2014.
Emerging markets in fixed income offer a variety of sub-asset classes that can be invested in a standalone or a combined way, including sovereigns or corporate bonds, local or hard currency (USD), investment grade or high yield bonds and foreign exchange.
This article provides a review of the current markets as well as views on what the fourth quarter could hold. Portfolio performance details are also highlighted, including interest rates and FX, inflation markets, securitized sectors and corporate markets. Bond markets experienced several trend r...
This article provides a review of the current markets as well as views on what the fourth quarter could hold. Portfolio Performance details are also highlighted, including interest rates and FX, inflation markets, securitized sectors and corporate markets. Bond markets experienced several trend r...