In light of markets’ initial reaction to the victory of Donald Trump in the US presidential election, we wanted to remind clients of our approach to portfolio management by providing thoughts from our Chief Investment Strategist, Celia Dallas.
This chart book presents representative long-only and hedge fund manager performance for third quarter 2016.
Low rates have distorted markets and generated unintended problems for investors and lenders. Central bankers are increasingly aware of these consequences and are slowly moving to press the pause button. It will take even more courage for them to begin to reverse the unprecedented interventions in bond and other markets.
While corporate plan sponsors are keenly aware of interest rate risk within their defined benefit plans, few fully appreciate the complex and significant risk posed by credit spreads.
The vacuum being created by banks withdrawing from previous activities is opening up opportunities for strategies like non-performing loan funds focused on the region.
Yes, although as the mid-October deadline for significant regulatory-driven changes to US money market mutual funds draws near, investors that wait may find themselves with fewer options for funds that will continue to offer stable net asset values.
Investors that buy developed markets government bonds have been faced with unpalatably skimpy or even negative yields on offer for some time. The question is no longer why, but for how long? Fed funds futures and benchmark ten-year US Treasuries suggest the answer is several more years, a similar timeline to other markets. But as we know, markets have a tendency to surprise.
This chart book presents representative marketable and hedge fund manager performance for second quarter 2016.
July’s publication summarizes two articles discussing fixed income market liquidity. The first highlights a number of worrisome liquidity trends, arguing that policy changes can help improve market function, and the second argues that liquidity has not necessarily improved despite the fact that transaction costs have fallen.
Investors grappled with the trajectory of global growth and the dramatic increase in negative-yielding debt in the year ended June 30, 2016. This brief chart book looks at returns and other market metrics for fiscal year 2016.