Blog

Person looking through periscope

U.S. Housing: Headlines Suggest Trouble

But what do Mortgage Credit Fundamentals Say?

Wave

The Growing Glut of BBB Debt: Risk Now or Later?

Issuance of BBB-rated corporate debt has soared. How should investors be thinking about risk in this environment?

ipad charts with glasses and pen

When Markets and Macros Align, Certain Risk-Rewards Can Make Sense

The curious case of triple-C’s and short IG corporates.

Will the Retail Industry be the Next Commodity Crisis for the U.S. Credit Markets?

May 24, 2017

In April, we provided support for allocations to high yield by rebutting three common arguments against the asset class. “Retail is the new energy” was an argument against high yield in April and one that continues today. Given the headlines surrounding the “demise” of retail, we believe it is appropriate to offer investors a deeper analysis of the topic and provide a broader perspective across credit markets.

Read More

VAR, What is it Good For?

May 2, 2017

While no one measure is capable of capturing the full breadth of risk within a fixed income portfolio, VAR (Value at Risk) is an important measure within an investor’s tool kit. However, like any tool, VAR must be used with a full understanding of its benefits and drawbacks. With this in mind, we set out to answer: VAR, what is it good for?

Read More

Is It Too Late to Buy High Yield? Rebuttals for 3 Common Arguments Against the Asset Class

April 13, 2017

Many “experts” have recently warned of impending doom in the high yield bond market. High yield returns have certainly been impressive since the energy- and commodity-led sell-off of late 2015/early 2016, but our view of today’s economic and market landscape doesn’t lead us to the conclusion that the end is near. Rather, we find reasonable value in the market and used the March sell-off to add high yield exposure.

Read More

The Great Target Date Debate: Active or Passive?

March 14, 2017

Active or passive? It’s one of the biggest decisions facing plan fiduciaries evaluating target date strategies. Yet too often this complex decision is boiled down to a narrow discussion about fees. But what does empirical evidence have to say about going active versus passive? The answer – it depends.

Read More