China’s Economy Gliding into “Long” Landing

Hayden Briscoe

By Hayden Briscoe (pictured), Shamaila Khan and Jenny Zeng

China’s economy isn’t headed for a hard or soft landing—instead, it’s more likely to be a long landing. That’s our perspective, based on our team’s recent visit to China to get an up-close look at the economic landscape.

Read More

CLO Rule Change Clouds Outlook for Bank Loans

Gershon Distenfeld

Retail investors fell out of love with US bank loans this year, but demand from issuers of collateralized loan obligations (CLOs) has remained strong. New regulations may change that. Should investors be concerned? We think so.

Read More

Pick and Mix: Fresh Ideas for Diversifying Bond Exposure

John Taylor

Policy backdrops and growth trajectories around the world are showing increasing signs of divergence. Yet many bond investors continue to congregate in a few selected pockets of the fixed income universe. In our view, it’s a perfect time to reconsider diversification tactics.

Read More

Oil Price Won’t Stay Low Forever

Kevin Simms

Kevin Simms (pictured) and Jeremy Taylor

When OPEC leaders convene in Vienna tomorrow, the recent sharp decline in the oil price will top the agenda. Yet despite the pressures, our research suggests that the underlying economics of production should eventually drive the oil price higher from current levels.

Read More

In Energy Revolution, Bond Investors Must Keep Their Heads

Ivan Rudolph-Shabinsky

By Ivan Rudolph-Shabinsky (pictured) and Petter Stensland

A surge in capital expenditures and leverage in the energy industry could end badly for some companies and their creditors. While select opportunities exist, we think bond investors should think carefully before they blindly bankroll today’s North American energy revolution.

Read More

Grappling with Geopolitical Risk

Sharon Fay

Financial markets have faced an increasing array of geopolitical risks this year. In our view, investors should put these events into the right context and focus on how individual companies might be affected when considering their potential impact on equity positions or allocations.

Read More

The Right Fit: Global Bonds and DC Plans

Alison Martier

At a time when US defined contribution plans are seeking to control risk and enhance returns, hedged global bonds can improve outcomes for participants and sponsors. But how do plans incorporate global bonds in core menus and target-date funds?

Read More

Tinkering with the Core Bond Recipe

Alison Martier

This is the time of year when, in almost every American household, the tinkerer in the family eyes the recipe box. Certain venerable traditions will make it to the Thanksgiving table intact. A cousin or an in-law is sure to bring an entirely new dish. And some traditional plates could use some freshening up. That’s the case with core fixed income.

Read More

Get Smart About Giving

Tara Thompson Popernik

With the year-end drawing near, many US taxpayers are starting to think about how much to give to tax-deductible causes. But too often, even financially sophisticated people miss a simple way to boost the tax benefit from their charitable donations: by giving appreciated securities, rather than cash.

Read More

Is Levering Bonds a Loser’s Game Today?

Michael DePalma

By Michael DePalma (pictured) and Arnab Nilim

Multi-asset strategies like risk parity owe much of their popularity to their ability to navigate the global financial crisis. Lately, critics have cited levered bond returns as the driver—and as a looming headwind. We think they’re missing a key point.

Read More