Market Matters: February 2020
Global risk assets suffered significant drawdowns in February as concerns over COVID-19’s impact on global economic activity grew.
Credit/Fixed Income
US Manager Universe Statistics: Fourth Quarter 2019
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Review of Market Performance: Calendar Year 2019
The gradual abatement of geopolitical risks, and a renewed accommodative stance from global central banks, led to a strong rebound in risk sentiment in 2019. Equities led the way higher, while interest rate cuts ensured fixed income markets participated in what was a robust year for asset classes across the board. This chart book explores global asset returns and the factors influencing performance last year.
US Manager Universe Statistics: Third Quarter 2019
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Should Investors be Concerned About Central Banks’ Ability to Fight the Next Recession?
Yes. Economic growth is slowing, and governments have limited monetary and fiscal policy responses available in the event this slowdown becomes a recession. Today, investors need to weigh the investment implications of likely policy options.
Hedge Fund Update: Third Quarter 2019
Third quarter 2019 proved to be the most challenging of the year for many hedge fund strategies. In this quarter’s edition, we discuss recent credit market developments and key sources that contributed to the challenging environment for credit-focused hedge fund strategies.
Trends in European Credit
European credit investors have enjoyed significant gains in 2019 as the combination of weak economic data and central bank easing has pushed yields lower. Investors will need to be nimble to find attractive risk-adjusted returns in the months ahead.
Should Corporate Plan Sponsors Continue to Hedge Liability Interest Rate Risk?
Yes, maintaining a well-hedged pension plan is prudent risk management.
US Manager Universe Statistics: Second Quarter 2019
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Whistling Past the Covenant-Lite Graveyard: A Sanity Check in Practical and Philosophical Terms
The recent shift in common wisdom with respect to covenant-lite loans hearkens the warning to be careful of changing opinions in the face of unchanging facts and steadfast opinions. This note summarizes the pro–covenant lite positions articulated to us and points out their weaknesses.