August 21, 2019 Are Distressed Small Banks Putting China’s Banking System at Risk? by Hua Cheng It’s been 20 years since a Chinese bank failed. But recent bailouts of three regional lenders have raised concerns about systemic problems in China’s financial sector. While risks have grown for China’s smaller banks, we believe that the Chinese banking system remains robust. Economics, Emerging Markets, Fixed Income Likes 0 SHARE Bookmarks
August 14, 2019 Why Today’s Inverted Yield Curve Isn’t Necessarily a Recession Warning by Erin Bigley, Chris Marx The most closely watched part of the US yield curve inverted this week for this first time since 2007, suggesting that a recession may be around the corner. We’re not convinced that’s true. Active & Passive , Equities, Fixed Income, Trade Wars, Volatility Likes 1 SHARE Bookmarks
July 31, 2019 Midyear Municipal Outlook: Stay Flexible Late in the Cycle by Daryl Clements Municipal bonds have had a good run since the beginning of the year, but there’s still room for additional positive performance in 2019. That’s particularly true for investors who choose active strategies with the flexibility to move money around the bond market as conditions evolve. Fixed Income, Later in the Cycle, Municipals Likes 0 SHARE Bookmarks
July 30, 2019 Midyear Bond Outlook: Making Sense of Conflicting Signals by Douglas J. Peebles The first half of 2019 was kind to financial markets. Will the good times keep on rolling? In our view, that will depend on whether loosening monetary policy is still an effective way to boost growth. Fixed Income, Later in the Cycle, Trade Wars Likes 0 SHARE Bookmarks
July 02, 2019 Want to Reduce Downside Risk? A Barbell Strategy May Help Investors typically try to limit their downside risk in the late stages of the credit cycle. We think a credit barbell strategy can help. Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks
July 01, 2019 India: The New China for Global Growth? by Mo Ji, Shamaila Khan If demographics is destiny, then India may well be the next China in terms of economic growth. Yes, the two countries have significant differences, but they also have some interesting parallels. What’s holding India back, and what will help most to unlock its future growth potential? Economics, Emerging Markets, Fixed Income Likes 0 SHARE Bookmarks
July 01, 2019 European Automakers – Trade War Woes Add Pressure on Bonds by Robert Schwartz, Jørgen Kjærsgaard Trade war fears have dominated the headlines recently, but European automakers already face other serious headwinds. We believe bond investors should tread warily in this sector. Fixed Income, Trade Wars Likes 0 SHARE Bookmarks
June 27, 2019 Postcard from… West Africa by Adriaan du Toit When I landed in the brand-new airport in Nigeria’s capital of Abuja I was taken by the modern and cavernous nature of its terminal, a reflection of the country’s future ambitions. One of Africa’s best airports, in Accra, Ghana, also boasts a new terminal. Meanwhile, foreign travelers can apply online for an e-visa before they fly to Ivory Coast, pick it up at the airport when they land and emerge into the bustling streets of Abidjan quickly and efficiently. Fixed Income Likes 0 SHARE Bookmarks
June 26, 2019 Why a Barbell Income Strategy May Help Late in the Cycle Earning income without taking excessive risk is a balancing act—and it can be hard to pull off in the late stages of a credit cycle. A credit barbell strategy can help investors stay on their feet. Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks
June 20, 2019 Fed Looking for an Ounce of Prevention with Rate Cuts by Eric Winograd The Fed left its benchmark rate unchanged this week, but also signaled a very high probability of cuts later this year. Historically, rate cuts have been a sign of trouble—typically made in response to slower growth and rising unemployment. But this time around, growth data aren’t showing much weakness. What’s the story? Economics, Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks
June 20, 2019 Funding the Future: Putting Purpose in Your Bonds by Shawn Keegan Creating a sustainable fixed-income portfolio isn’t just about avoiding harm–it’s about doing good. The UN’s Sustainable Development Goals provide a road map for selecting companies that offer products and services that help the environment and create a more equitable, just world. Fixed Income, Responsible Investing/ESG Likes 0 SHARE Bookmarks
June 10, 2019 Hard Landing for China’s Growth? Six Factors to Watch by Mo Ji, Shamaila Khan Will China’s economy suffer a hard landing? That’s been a concern voiced by investors almost every year for the past 10 years. But now, with China’s incredible increase in debt and leverage (not to mention escalating trade wars), the possibility of a hard landing would have critical implications for all global markets. Economics, Emerging Markets, Fixed Income, Trade Wars Likes 0 SHARE Bookmarks
June 06, 2019 Trade Wars Likely to Change the Fed’s Interest-Rate Game Plan by Eric Winograd The trade war has taken a harsher turn, threatening to further dampen economic growth. We expect the Fed to respond with sizable rate cuts, but the timing and amounts are more speculative than normal. Why? Economic data haven’t yet taken a major downward turn, and there’s uncertainty over how the Fed will react. Economics, Fixed Income, Trade Wars Likes 0 SHARE Bookmarks