Market Insights

As we begin the first quarter of 2026, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.

2025 ended quietly with positive returns across asset classes, supported by lower yields and tighter credit spreads. As 2026 unfolds, AI-related issuance, M&A activity, and the comeback of leveraged buy-out financing are creating a more opportunity-rich environment for active credit managers with a global reach.

As we approach year-end, we reflect on how markets have evolved relative to expectations and where we see opportunities and risks taking shape for 2026.

As decarbonization goals accelerate and energy demand from AI grows, nuclear power is gaining attention as a reliable, low-carbon energy source. Sustainable funds are beginning to lift long-standing exclusions as investors recognize the role of nuclear energy in advancing energy security and net zero targets.

Recent weeks have seen increased attention on the private credit markets following the defaults of Tricolor and First Brands. While these events are idiosyncratic, they have raised broader concerns about weakening lending standards. In this article, we discuss their market impact, credit reaction, and our positioning in this environment.

Markets ended the third quarter with renewed optimism despite political and economic uncertainty. The plethora of new issuance during the end of Q3 offered fertile ground for generating alpha. Looking ahead, opportunities persist beneath the surface along with a few interesting emerging themes.

As we head into the fourth quarter of 2025, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.

The first half of 2025 was riddled with market volatility given trade pressures and geopolitical tensions. Q2 saw Liberation Day and the Big Beautiful Bill and everything in between. In this note, we outline interesting trends in the market heading into the second half of the year and how we are positioning ourselves moving forward.

As we head into the third quarter of 2025, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.

Ongoing uncertainty has sparked volatility across interest rates and risk assets; however, the current state of valuations continues to create mispricing and opportunities for active managers to exploit. In this newsletter, we discuss the market dynamics shaping European credit and share examples of how we have capitalized on those opportunities within our portfolios.

As water scarcity becomes increasingly evident, blue and water-impact bonds are becoming an innovative bridge to attract private investments into water health-related projects. Although still in its infancy, it is a potential tool to combat climate risks.

As we head into the second quarter of 2025, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.

The first quarter of 2025 brought renewed volatility as trade tensions escalated with the latest U.S. tariff announcement. While prolonged uncertainty may be challenging, having an active and disciplined investment approach enables us to continue adding value.

Market reaction to the April 2nd tariff announcements was swift and negative. While uncertainty runs high, we remain committed to a disciplined and steady approach to balance capital preservation and value generation.

We are thrilled to announce a new investment from The Atmospheric Fund (TAF) in our RP Broad Corporate Bond (Fossil Fuel Exclusion) strategy. This partnership underscores our commitment to providing solutions that meet the financial goals of clients like TAF while promoting sustainability.

In this newsletter, we highlight the growth of Hybrids and AT1s and how their unique characteristics have benefited issuers and investors alike. We also share examples of how we have capitalized on recent new issue opportunities in this space within our portfolios.

In this letter, our CEO outlines our approach to navigating geopolitical risks and the opportunities still available in global bond markets.

2024 was marked by slowing inflation, interest rate cuts, and elections impacting global bond markets. With looming inflation risks and trade uncertainties tied to Trump's policies, we are focused on tactical trades while balancing capturing value with risk management.

As we head into the first quarter of 2025, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.

Debt-for-nature (D4N) swaps are re-emerging as a promising solution for developing countries to reduce foreign debt while committing to environmental conservation. Since 1987, more than 140 such agreements have been made. However, despite their significant potential, D4N swaps still face ongoing challenges that could hinder their overall effectiveness.