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EM Debt: Warding Off Headwinds with Active Management
Ricardo Adroguè, Head of Global Sovereign Debt and Currencies, addresses the many risks facing the global economy—specifically China, Argentina and the Middle East—and explains why active management is critical to performance.Conversations - 6 min read
Are CLOs Unfairly Vilified?
Despite the late-cycle environment, we believe the recent negative headlines on CLOs are somewhat overstated, and do little justice to the many benefits of the asset class—which has delivered impressive risk-adjusted returns and low defaults over time.Insights - 8 min read
Secured Bonds: Added Protection in the Face of Uncertainty
With a number of macro risks on the horizon, some investors have (perhaps rightfully) adopted a more cautious outlook when it comes to allocations to risk assets. In some cases, this has meant taking a closer look at senior secured bonds.Short View - 3 min read
IG Credit: The Hidden Risks of “Safe” Bond Strategies
Traditional investment grade bond strategies are meant to help their owners sleep at night. But hidden credit and interest rate risks make benchmark-hugging more hazardous than many realize. Counterintuitively, CLOs, ABS and EM debt may be part of the solution.Podcast - 30 min listen
What Can German Equity Investors Expect in the Months Ahead?
While the phase one U.S.-China trade deal may provide a near-term boost for German equities, there are a number of risks on the horizon that could introduce volatility in the months ahead—making stock selection as important as ever.Short View - 2 min read
Private Credit: Where We’ve Been, Where We’re Going
Industry veterans Ian Fowler and Adam Wheeler describe the dramatic evolution of private credit markets and explain why quality of earnings and varied definitions of ‘senior’ risk could be at the center of the next credit market storm.Podcast - 33 min listen
Sentiment Shift Fuels Lower-Rated Rally
Uncovering relative value across high yield in 2020 may require looking in less obvious places.Outlook - 3 min read
EM Local Debt’s Time to Shine?
Emerging markets (EM) local currency denominated debt may be poised to outperform.Outlook - 3 min read
Risk-on, Risk-off & Repeat
Sentiment continues to swing back and forth in the collateralized loan obligation (CLO) market, but bifurcation remains the constant.Outlook - 2 min read
Comeback Time for International Equities?
Because the U.S. equity market is broad and deep, there will almost always be opportunities—but in aggregate, we think international equity markets may be more compelling over the next year.Short View - 3 min read
U.S. Real Estate: More Reward in Core?
As investors in the market continue to chase yield, the risk premium—or the reward for taking that risk—appears to be diminishing. In this environment, we’re seeing some of the best opportunities in the highest-quality assets.Short View - 2 min read
The Continued Democratization of Private Equity
Private equity is an asset class that has traditionally been available only to very large, sophisticated institutional investors. But this is changing rapidly—a trend we expect to accelerate in 2020.Short View - 2 min read
Amid Rising ‘Mequity’ Risk, Boring Can Be Beautiful
In both the U.S. and Europe, there is significant pressure both at the top and bottom ends of the middle market. As a result, we’re seeing potentially attractive value today in the more traditional, true middle market.Short View - 2 min read
How Crucial is a Weaker Dollar in Supporting an EM Rally?
As concerns of a near-term recession seem to have dissipated, we think—in what may be somewhat of a contrarian call—riskier assets look well-positioned to potentially outperform in the year ahead.Short View - 2 min read
A Bright Spot in Higher-Yielding EM Corporate Debt
Many EM regions have been engulfed in uncertainty for weeks or months. While these situations certainly represent risks, we also continue to find value—often in globally diversified companies that have been unfairly punished by markets because of where they’re domiciled.Short View - 2 min read