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Market Insights

The Fed Will Keep Going... Until Something Breaks

February 2023 Newsletter
2023 has been a year marked by extremes. In early March, the market was fixated on the possibility of central banks having to increase the “terminal rate,” but the collapse of Silicon Valley Bank and the potential financial contagion risks that emerged from it, resulted in the quickest interest rate repricing in nearly 40 years. We discuss our views on the impact on the financials sector specifically and the market environment broadly.

Nearing the Other Side of the Tightrope

January 2023 Newsletter
As the year begins on a hopeful note, the shift away from artificially low interest rates and liquidity-flushed markets is making this a credit-pickers market once again. In this newsletter, we discuss how our game plan is evolving and the emphasize need to be flexible, selective, and targeted in this environment.

The Paradigm Shift and the Case for Credit

By increasing credit allocations and reducing equity exposure, investors can make their portfolios more resilient to continued market volatility. They can also capture value from the fact that fixed income yields are much more attractive today than equity earnings yield by historical standards.

Credit Market Themes in 5 Charts

Q4 2022
2022 was a challenging year for the markets, but we believe there are a number of reasons to be optimistic about fixed income and credit in 2023. Through a series of charts, we highlight the credit market themes and opportunities we are focused on today.

DEI Beyond the Abbreviation

Leveraging diversity and promoting inclusion
A culture of inclusion is key to retaining talent in this competitive job market and several studies have persuasively argued that diversity in a team leads to better performance. Many firms are proactively looking to broaden the diversity of their teams with this goal in mind. In this article, we revisit why inclusion matters and suggest ways for managers to foster more inclusive environments.

The Great Wealth Transfer: The Future is Female

Understanding the incoming wave of female investors
For years, businesses have been discussing the changes in consumer behaviour as younger generations become decision-makers; the same is true for wealth and investment management. We are in the midst of the largest wealth transfer in history – by 2030, American women will likely control $30 trillion of inherited financial assets from baby boomers. What does this mean for those helping families manage their wealth?

Value vs. Values

The Evolution of ESG Considerations for Pension Plan Investments
Over the past several years, pension funds have been thrust into the center of the ESG debate due to the influence they have on the actions and practices of large corporations as large stewards of capital. We highlight the spectrum of approaches that Plans have taken and how ESG integration complements – rather than compromises on – investment performance.
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ESG Trends: Progress Over Perfection

While sustainability is the destination, transition is the way to get there.
As ESG factors become increasingly important to investment decisions, the focus has moved away from the binary distinction between brown and green bonds, to concentrating on incentivizing the transition from brown to green at the company level.

Coronavirus: Notes from the Trading Desk

Market insights amidst the global spread of Covid-19 - updated on February 28, 2020
The substantial rally in credit and equity markets came to quite an abrupt halt this week. What does this mean for credit markets and our funds?

Keeping It Technical

January 2020 Commentary
While the new year started strong thanks to improving macroeconomic data, exogenous shocks such as Iranian-U.S. aggressions and the novel Coronavirus reintroduced volatility into the market.

Certain of Uncertainty

Q4 2019 Commentary
Given our flexible and highly active approach to investing, we are excited about the opportunities for the coming year – and we welcome the opportunity to differentiate ourselves from more traditional managers.

Battling Macro Headwinds

For Q3 2019 most of the volatility was driven by macroeconomic headlines.
This whitepaper investigates how macro headlines dominated the quarter with continued focus on China/US relations. We will continue to see monetary easing but don’t think negative rates are coming to North America.

Are Negative Rates Coming to North America?

The discussion in North America and the U.K. is different to what has driven negative rates in the Eurozone.
Louise Pitt Brindle, Head of Research at RPIA, provides commentary on possible negative rate events in the foreseeable future in North America.

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