February 12, 2020 Are High-Yield Returns Predictable? Key Metric Suggests Yes One way for high-yield investors to gauge how their bonds may fare down the road has been with this simple, accessible and historically accurate tool. Fixed Income, Late-Cycle Investing Likes 0 SHARE Bookmarks
February 05, 2020 The Late Cycle: The Fed Balance Sheet by Scott DiMaggio, Eric Winograd The Fed balance sheet is back. Our Co-Head of Fixed Income and our US economist discuss what recent stimulus means to the economy and markets. Economics, Fixed Income, Late-Cycle Investing Likes 0 SHARE Bookmarks
January 31, 2020 High-Income Outlook: Setting a Course for 2020 by Gershon Distenfeld Late-cycle markets can unnerve high-income investors. But we see ways to generate a healthy level of income while potentially decreasing overall portfolio volatility. Fixed Income, Late-Cycle Investing, Volatility Likes 0 SHARE Bookmarks
January 30, 2020 Valuing Equities in a Low-Growth World by Mark Phelps As we enter a period of lower growth globally, investors have given higher valuations to companies that can achieve consistent growth. This seems logical, but are we in danger of overpaying? Equities, Late-Cycle Investing Likes 0 SHARE Bookmarks
January 17, 2020 How to Balance Your Bond Portfolio in 2020 by Matthew Sheridan In a low-yield, late-cycle environment, the right mix of credit securities and government bonds can help fixed-income investors boost income and tame volatility. Fixed Income, Late-Cycle Investing, Volatility Likes 0 SHARE Bookmarks
December 18, 2019 Three Possible Paths for Fed Interest Rate Policy in 2020 by Eric Winograd The US Fed held rates steady in December and plans to continue that stance through 2020. But a lot can happen to change the Fed’s mind—after all, it entered 2019 expecting to hike rates and ended up with three cuts. What does 2020 have in store? Economics, Late-Cycle Investing Likes 0 SHARE Bookmarks
November 12, 2019 This Is No Time to Ditch Duration by Erin Bigley It’s easy to overlook government bonds today with yields so low. But their interest-rate sensitivity, or duration, can provide vital protection when riskier assets such as stocks and credit struggle. Fixed Income, Late-Cycle Investing Likes 1 SHARE Bookmarks
November 11, 2019 ESG: A Key Component of Quality Companies by Mark Phelps Today, ESG issues may be more prominent in investors’ minds and approaches, but quality investors have been asking these questions for some time. Late-Cycle Investing, Responsible Investing/ESG Likes 1 SHARE Bookmarks
October 24, 2019 A High-Income Survival Guide for Late-Cycle Markets by Gershon Distenfeld, Noelle Chiang It’s easy to get spooked in late-cycle markets. But we think there’s a way to de-risk your portfolio and still generate a decent level of income—no magic spells necessary. Fixed Income, Late-Cycle Investing Likes 1 SHARE Bookmarks
October 21, 2019 Investors Need Income, Not Excess Risk by Morgan Harting With government bonds providing too little income, investors need to diversify credit exposures and include other credit-like investments to achieve their income needs...but without reaching for yield or taking excess risk. Multi-asset portfolios can help. Late-Cycle Investing, Multi-Asset Likes 0 SHARE Bookmarks
October 15, 2019 Muni Investors: Listen to the Market by Daryl Clements Municipal bonds help do three important things: provide income, preserve capital and dampen volatility. But flexibility is important, because how investors can best position their muni portfolios depends a lot on current market conditions. Fixed Income, Late-Cycle Investing, Municipals Likes 0 SHARE Bookmarks
October 14, 2019 Why It’s Time for a Barbell Strategy by Matthew Sheridan As economic cycles enter their later stages, investors sometimes find that they’re taking too much risk to generate income. There’s a strategy that can help—and we think now is the time to use it. Fixed Income, Late-Cycle Investing Likes 0 SHARE Bookmarks
October 07, 2019 Will Municipal Bonds Continue to Deliver? An Investor Q&A by Daryl Clements Despite the municipal market’s strong year-to-date rally, an aging US expansion and low yields continue to top municipal investors’ concerns as we enter the home stretch of 2019. When conditions are evolving and visibility is limited, active and flexible strategies can help balance risk and reward. Active & Passive , Fixed Income, Late-Cycle Investing, Municipals Likes 0 SHARE Bookmarks