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High Yield: Five Takeaways for the Months Ahead
From trade wars and Brexit to central bank posturing and recessions, there is no shortage of risks facing today’s markets. As we consider high yield in the context of this turbulent environment, there are five takeaways we think are worth considering in the months ahead.
Don't Judge A Private Equity Fund By Its Number
At Barings, contrary to popular belief, we believe that identifying high-quality opportunities in emerging and diverse private equity managers can deliver attractive risk-adjusted returns to investors.
The Three Crises That Won't Go Away
Christopher Smart, Head of Macroeconomic & Geopolitical Research, weighs in on three political clouds that have lingered much longer than expected, casting a shadow over global investor sentiment.
Podcast: CLOs & Leveraged Loans—Perception vs. Reality
Does the recent bout of volatility in below investment-grade markets mean opportunity or risk for CLOs and loans? Barings’ Matt Natcharian and Adrienne Butler weigh in.
Why Investors Should Re-Read the State of the Union
Christopher Smart, Head of Macroeconomic & Geopolitical Research, provides insight into what the political climate in Washington, D.C.–including the recent State of the Union speech and growing field of Democratic hopefuls–means for the future trajectory of economic policy.
All Eyes On Earnings
Christopher Smart, Head of Macroeconomic & Geopolitical Research, provides details on why earnings may be the best economic indicator for the investors in the coming year.
CLOs & Leveraged Loans: Beneath the Headlines
In a recent interview, Barings’ Head of Structured Credit, Matt Natcharian, and Head of U.S.-Managed CLO Funds, Adrienne Butler, discuss the pressures facing these markets today, and the opportunities they pose amid a late-stage credit cycle.
The Changing Face of Investment Grade Credit
In a recent interview, David Nagle, head of Barings’ multi strategy fixed income group, discussed the state of the investment grade credit market, including how the market has evolved through the years.
Podcast: Investment Grade Credit—Rates, BBBs and ABS
From inverted yield curves to potential BBB downgrade risk, Barings’ David Nagle discusses some of the key challenges facing investors in the IG markets today.
Brazil: A New Frontier?
Following the country’s national election, Barings’ Latin American equity team takes a look at how Brazil is positioned and what reforms the new president may consider to boost the economy.
Possibly A Train, Probably A Light
Christopher Smart, Barings’ Head of Macroeconomic & Geopolitical Research, presents two alternative views on how investors can interpret the recent market volatility.
Barings Quarterly Review & Outlook – January 2019
Read our latest views on the macro and asset class-specific trends driving global markets across fixed income, equities, alternatives and multi asset.
Climbing High Yield’s Wall of Worry
In this piece from IPE, Barings’ Martin Horne discusses some of the major risks facing the high yield markets today and where his team is currently seeing opportunities.
Five Likely Winners & Losers for the Winter Ahead
From Donald Trump to Nancy Pelosi and more, Christopher Smart, Head of Macroeconomic & Geopolitical Research, shares his thoughts on who and what to watch in the months ahead.
Podcast: Assessing Today’s Private Credit Landscape
Private credit markets have seen an exponential increase in investor demand over the last 10 years. But with competition fierce and the cycle maturing, what factors should investors be considering moving forward? Barings’ Eric Lloyd weighs in on where he and his team see the best relative value today.
Seeking Value in Today’s Private Credit Market
In this Q&A, Barings’ Eric Lloyd discusses his team’s approach to navigating the risks and capitalizing on the opportunities across the global private credit markets.
Five Trends to Watch in 2019
Which cyclical and structural trends will drive markets in 2019? Barings’ teams across public and private markets weigh in.
Is the Global Economy Really at a Tipping Point?
Christopher Smart, Head of Macroeconomic & Geopolitical Research, believes it's important to keep today's market risks in proper perspective.
How Opportunistic Is Your Investment Grade Allocation?
Michael Freno, Head of Global Markets, discusses the benefits of 'multi-asset' or 'opportunistic' credit portfolios and the newly-launched Barings Global Investment Grade Strategies.
Investing in the European Private Credit Market
In this commentary, which also appears in November’s edition of IPE, Adam Wheeler explains why staying disciplined and maintaining key relationships are crucial to delivering attractive risk-adjusted returns in the European private credit market.
Political Gridlock Hardly Means Market Calm
With the midterms behind us, conventional wisdom is that political gridlock will allow investors to refocus firmly on fundamentals. Not so fast.
5 Things to Consider When Investing in Private Credit
In this piece from Benefits and Pensions Monitor, Barings’ Ian Fowler discusses five key considerations for investors interested in allocating to private credit.
Turkey: Where From Here?
On the back of developments in recent months, Barings’ Emerging Europe equities team takes a look at how Turkey is positioned.
Pockets of Possible Progress: Washington After the Midterms
Christopher Smart, Head of Macroeconomic & Geopolitical Research, believes Washington might just deliver some small surprises next year.
Navigating Risks in Today’s High Yield Markets
In this Q&A, Barings’ Head of Global High Yield, Martin Horne, discusses how the Barings team is navigating some of the major risks—from a trade war and Brexit negotiations to rising rates and a maturing credit cycle—present in the markets today.
Podcast: Climbing High Yield’s Wall of Worry
The global high yield markets face a number of risks, from trade wars to rising rates. Yet, these markets have continued to scale such a ‘wall of worry’ for the last decade. Should we expect more of the same, or are we nearing a turning point in the cycle? Barings’ Martin Horne weighs in.
Navigating European Real Estate Markets
European real estate markets are becoming more complex. Barings’ Paul Stewart discusses how investors can allocate capital in an uncertain interest rate environment, while facing potential headwinds such as Brexit and the threat of trade wars.
Active Management, Local Knowledge, Long-Term Holdings: How to Invest in Emerging Markets Equities
William Palmer and Michael Levy, Co-Heads of Emerging and Frontier Equities, discuss the methods of accessing the asset class, and how the sector can combat near-term headwinds such as rising interest rates and increased protectionism.
Beyond the Headlines: Making Sense of Today's EM Debt Environment
Dr. Ricardo Adrogue, Head of Barings' Emerging Markets Debt Group, discusses risks and opportunities in today's dynamic landscape - and how investors can seek to navigate it.
Why a Versatile German Equity Market is About More Than Autos
In this Q&A, Rob Smith, manager of the Barings German Growth Trust, shares his thoughts on how German equities are placed amid potential headwinds that include trade disputes with the U.S., Brexit, and continued pressure on the autos sector.
A Multi-Dimensional Approach to Managing Private Equity Risk
In the realm of private equity, a robust risk management framework can deliver less volatile, higher-quality performance results over time.
The Five Real Lessons from Lehman
It's been 10 years since the collapse of Lehman Brothers. Christopher Smart, Head of Macroeconomic & Geopolitical Research, reflects on what the crisis taught us about market dynamics - and human nature.
Maintaining Discipline in a Maturing Credit Cycle
In this piece from Private Debt Investor, Barings’ Eric Lloyd stresses the importance of a global and diversified approach to investing in private credit.
How Diversified Is Your Emerging Markets Debt Strategy?
For investors seeking intelligent exposure to emerging markets debt, there may be significant benefits to using a blended approach to the asset class.
Why Recent Weakness in Emerging Markets Equities Presents an Opportunity
Emerging markets equities have undoubtedly suffered a difficult first half of the year. In this commentary, which also appears in September’s edition of IPE, William Palmer and Michael Levy explain why they believe the factors that have contributed to the weak share price performance are temporary in nature, and growth prospects for the asset class remain attractive.
A Compelling Opportunity in Real Assets
Compelling structural and cyclical dynamics are creating attractive opportunities in real assets, particularly across the energy value chain and power generation sector.
Turkey's Narrow Path
In this timely piece, Christopher Smart, Head of Macroeconomic & Geopolitical Research, offers his view of the crisis in Turkey.
Taking A Disciplined Approach To An Evolving European Private Credit Market
At a time when the trends and dynamics underlying the European private credit market have evolved considerably, Adam Wheeler, Barings’ Head of Europe and Asia Pacific Private Finance, explains why a disciplined approach to investing in the space is beneficial for investors.
Expect More From Your Core
Worried about rising rates? It may be time to rethink your core bond strategy.
Not All Short-Duration Strategies Are Created Equal
Looking to match the return of the broad bond market, with less risk? David Nagle, CFA, Head of Barings’ Multi Strategy Fixed Income Group, highlights a potential solution.
Seeking Value in the Private Markets
Barings’ Funds & Co-Investments team serves as a strategic partner to clients, offering customized solutions and access to niche opportunities in areas like real assets, emerging managers and the lower middle market.
Three Reasons U.S. Investors Should Consider Global Loans
Technical drivers in Europe have caused credit spreads to widen. At the same time, the gap between U.S. and European monetary policy continues to grow. In this piece, we outline three key reasons why, in this environment, a global approach may make sense.
Barings Multi Asset Group 10 Year Forecast
Barings Multi Asset Group steps back from the day-to-day movements on our screens to consider the secular issues driving markets over the longer term. The team believes that claims of ‘secular stagnation’ look unrealistically pessimistic—consensus estimates of trend growth are too low, and its core belief is that growth will remain decent—though far from stellar.
Surveying Today’s Infrastructure Debt Landscape
In this Conversation, three key members of Barings’ Infrastructure Debt Team discuss the evolution of the market, where opportunities exist and how investors can gain intelligent exposure to the asset class.
Global Presence, Local Knowledge: Seeking Opportunities Across the Four Quadrants of Real Estate
In this Q&A, Scott Brown, Barings’ Global Head of Real Estate, describes how the firm identifies and manages opportunities by capitalizing on a four-quadrant approach.
An Investor’s Guide to the World’s Real Political Risks
Barings’ Head of Macroeconomic and Geopolitical Research, Christopher Smart, assesses the geopolitical risks present in the world today and describes why a coordinated response to the next global crisis looks unlikely.
A Through-The-Cycle Approach to High Yield Investing
In this piece from Investments & Pensions Europe, Barings’ heads of U.S. and global high yield investments discuss the key benefits of a multi credit approach to high yield, including how the strategy can help keep volatility at bay.
Constructing and Managing a Private Equity Allocation
In this Q&A, Rick Spencer discusses the potential benefits of an alternative investment strategy focused on funds and co-investments. In particular, Rick touches on some of the less understood challenges facing investors in this space and identifies the areas where his team is seeing opportunities today.
Global Senior Secured Loans: Attractive Potential Yield with Historically Low Relative Volatility
In the current environment, senior secured loans are gaining traction for their potential to offer a blend of attractive yield and protection against both credit and interest rate risk.
Can Emerging Markets Withstand Global Monetary Tightening?
Global central banks have stopped easing, with tightening likely to follow. Is the time to invest in EM behind us, or can these markets thrive as monetary conditions tighten? Ricardo Adrogué, head of Barings' Emerging Markets Debt Group, weighs in.
VIDEO: Taking a More Creative Approach to Private Equity & Real Assets
Learn about how we've implemented a consistent and repeatable process to identify, source and actively manage real assets and asset-based businesses for more than a decade.
High Yield Credit: Reaching for More
In this piece from Citywire, Barings’ portfolio managers discuss the benefits of taking a modern approach to global high yield investing.
Cross-Border Origination: Tax Reform and Other Considerations
Financing and structuring cross-border deals can be challenging, particularly in light of the U.S. tax reform. In today's interconnected world, finding the right financing partner is key.
Surveying the Equity Market Landscape
In this Conversation, Barings’ Global Head of Equities, Ghadir Cooper, discusses the recent equity market volatility and the continued attraction of emerging markets, and also sheds light on how the Barings team is thinking about potentially market-moving developments like the emergence of cryptocurrencies and the recent change in Fed leadership.
German Equity Outlook
While market volatility has risen at the start of 2018, Barings continues to see attractive investment opportunities in German equities. In this viewpoint, we tell readers why and where we see the greatest investment potential.
A New Dawn for Emerging Markets Equities
EM equities are enjoying a strong rebound following five painful years of underperformance versus developed markets. In this piece, Barings’ portfolio managers explain why they are optimistic on the outlook for the asset class and which factors they believe will sustain performance going forward.
Intellectual Property as a Real Asset
In this Viewpoint, we examine the definition of “real assets” and explain how intellectual property exhibits characteristics consistent with other real assets.
EM Local Debt: Focused on Fundamentals
Barings' combination of quantitative and qualitative analysis and tools provide a comprehensive and rigorous framework for investing in emerging markets local debt. In this Viewpoint, we give readers an inside look into our investment process.
Seeking Relative Value in Global Private Debt
In this piece from Preqin, Barings’ Terry Harris discusses why taking a global approach to investing in private debt can be an efficient way for investors to access opportunities while managing risk.
Cyclical Evolution and Structural Revolution
In this piece from Preqin, Barings’ heads of U.S. and European real estate research explore the ways in which structural shifts within cities and industries are presenting an evolving set of opportunities and risks for investors.
Opportunities in Private Equity and Real Assets
Jonathan Rotolo, Head of Private Equity / Real Assets, discusses the potential benefits of an alternative investment strategy focused on real assets and asset-based private equity and what such an approach looks like in practice.
Multi Credit Investing: A Through-The-Cycle Approach to High Yield
Read about how a multi credit approach to high yield can benefit investors in this Q&A with Barings’ heads of U.S. and European high yield investments.
The Benefits of a Blended Emerging Markets Debt Strategy
Dr. Ricardo Adrogue, Head of EM Debt, writes in Citywire about why investors may want to consider a blended approach to navigating the increasingly diverse opportunity set available in emerging markets debt.
Investment Grade CLOs: The Potential for Strong Excess Returns with Lower Volatility
Investment grade collateralized loan obligations (IG CLOs) can offer a compelling opportunity for investors to earn excess returns above and beyond what they are currently earning by holding investment grade credit.
Multi-Strategy Fixed Income: Which Way Now?
In this piece from Citywire, Barings portfolio managers discuss their approach to investing across global high yield bonds and loans, emerging markets debt and investment grade credit.
An Alternative Approach
In this Viewpoint, we discuss the unique real asset and private equity investing strategy employed by Barings Alternative Investments.
All Eyes on Germany
In this piece, we speak with portfolio manager Robert Smith on the upcoming elections in Germany, the likely outcomes and what this may mean for the equity market.
Understanding Where the Risks and Returns are Coming from in Your Short-term Bond Strategy
In this piece from Citywire, Barings portfolio manager David Nagle discusses the importance of understanding the risk / return profile of a short-term bond strategy.
U.S. Research Special Report: Decrypting E-Commerce
Technology is surely impacting traditional retailing, mainly in the ways that consumers shop and how retailers deliver those goods. The good news is that e-commerce and physical stores have formed a symbiotic relationship, creating a phy-gital (physical + digital) retail world. Barings Real Estate Advisers research explores e-commerce’s impact on retail real estate.
Mid-Year Review & Outlook
The first half of 2017 brought strong returns across public and private asset markets as investors shrugged off political worries and risk assets were buoyed by a brightening economic picture. Can the strength continue? Or is this cycle getting long in the tooth? Our investment teams weigh in on the key themes driving markets today and share their asset class specific views across fixed income, equities, multi asset, real estate and private assets.
Three Benefits of Active Management in High Yield
In this piece from Citywire, Barings’ portfolio managers Craig Aboucher and Thomas McDonnell discuss the potential benefits of active management in high yield.
U.S. Research Special Report: Survival of the Fittest – U.S. Retail Store Closings
Is the wave of recent store closings indicative of an impending retail apocalypse? Or can investors unearth opportunities beneath the headlines? In this Special Report, the Barings Real Estate Advisers research team investigates the state of the retail sector and what it may mean for future returns in the space.
Three Reasons for Staying Active in High Yield
Barings portfolio managers Craig Abouchar and Thomas McDonnell write in Barron’s about the differences between active and passive management in high yield.
VIDEO: Emerging Markets Local Debt – A Favorable Backdrop
Dr. Ricardo Adrogué discusses the process his team uses to find opportunities in EM local debt and why the current macro backdrop is encouraging for investors.
Going Beyond a 60:40 Portfolio
Barings’ Multi Asset Group presents the findings of its annual Ten Year Forecast and explains why investors must look beyond the traditional 60:40 equity portfolio as they seek to maximize returns in the years to come.
Rain or Shine…
Select investment opportunities can be found in stressed/distressed corporate assets.
VIDEO: Investing in a Maturing Credit Cycle
Our fixed income experts across High Yield, Emerging Markets Debt and Investment Grade Corporate Credit discuss their approach to investing in a maturing credit cycle.
Ricardo Adrogué, Head of Emerging Markets Debt, writes in Pensions & Investments about Mexico’s brightening economic picture.
The Art of Originating & Sourcing Private Assets
In this paper, we discuss how private asset investments are sourced, what makes a successful origination platform and how this can ultimately benefit investors across Direct Lending, Private Equity, Infrastructure Debt and private Real Estate investments.
Credit Market Investing: Stop Watching the Clock. The Fundamentals Matter More.
In this paper, we explain why we believe investors should focus on fundamentals rather than trying to time the credit cycle. Specifically, we highlight opportunities in high yield, investment grade credit and emerging markets debt.
High Yield: Ignore the Clock and Focus on Company Behavior
Head of European High Yield, Martin Horne writes in Investments & Pensions Europe why investors may be wise to focus on company fundamentals rather than the length of the credit cycle.
NavarronomicsEconomics & Markets Analysis
In this column, Marino Valensise, Head of Barings’ Multi Asset Group, examines the implications of the incoming US administration’s trade policy towards China.
2017 Investment Outlook
What lies ahead in 2017? In this series of short VIDEOS and commentaries, Barings’ global investment teams provide asset class specific outlooks and weigh in on the key themes that they expect to drive markets in 2017.
High Yield Bonds – An Attractive Option in a Continued Low-Rate Environment
Michael Freno, Head of U.S. and Global High Yield at Barings discusses the prospects for high yield bonds in this piece from Citywire Selector.
Charging aheadFinding investment opportunities from the great battery take-off
In this white paper, we delve deeper into the supply chain to further identify where we believe economic profit can be generated. In particular, we provide a detailed overview of battery manufacturers, cathode and separator manufacturers, and the various raw materials, including lithium and graphite, used in the production of lithium-ion batteries.
Emerging Markets Debt: The Benefits of a Blended Strategy
Ricardo Adrogué, Barings’ Head of Emerging Markets Debt, discusses the benefits of using a blended approach when investing in EM sovereign, corporate and local debt in this piece from Modern Investor.
The Barings Quarterly Update – At a Glance
A summary of the Barings Quarterly Update – 3rd Quarter 2016
Emerging Markets Debt: Guilt by Association?
Despite concerns surrounding post-Brexit volatility, declining commodity prices and China’s economic slowdown, EM debt has in many cases been more resilient than developed market debt.
Subprime Auto ABS: An Attractive Opportunity
The subprime auto ABS market has come under increased scrutiny as delinquencies have increased. While we acknowledge the potential risks in the asset class, we continue to see what we believe are potentially attractive opportunities.
Private Credit: How Changing Investor Needs Demand Flexibility
Ian Fowler, co-head of North American private finance at Barings, discusses the importance of manager flexibility in this piece from Private Debt Investor.
Disruptive TechnologiesDisruptive Technologies
Industries around the world are constantly being disrupted by new technology. While this is generally good news for the consumers of these new inventions, it is important to understand if, and how, investors are affected.
Aim HigherEconomics & Analysis
In this column, Marino Valensise, Head of Barings’ multi asset group, explains our current investment strategy and some of the thinking behind it.
Barings Real Estate Research Outlook: Post Brexit Update
The near term impact of Brexit has proven to be more political than economic.
VIDEO: EM Debt - Four Key Factors to Watch in 2016
Barings' Dr. Ricardo Adrogue discusses the four key factors to watch in emerging markets in 2016 – the macro environment, energy prices, currencies and China.
A High Yield Roundtable Discussion
Barings high yield portfolio managers in the U.S. and Europe tackle questions from energy to monetary policy, discuss where we are in the credit cycle and weigh in on which parts of the high yield market may offer most value today.
Cost of EquityCost of Equity
Cost of equity (COE) is the minimum rate of return demanded by equity investors for committed capital. Since the cost of capital varies from market to market, and is dependent on economic and monetary conditions, the cost of equity varies too. Determining this can be challenging, introducing complexities and issues of consistency between investment desks.
Global Senior Secured Bonds: An Attractive Option in High Yield
Global senior secured bonds are gaining traction among institutional investors looking to generate attractive long-term returns with more capital structure security than is typically offered by other high yield investments.
A Compelling Opportunity in Securitized Student Loans
Senior securitized FFELP bonds, which are backed by government-guaranteed student loans, face a potential ratings downgrade despite carrying little risk of principal loss. In this paper, we examine how the potential downgrade has created a near-term opportunity for investors to acquire the bonds at attractive levels relative to other risk assets in the securitized space.