Municipal Bonds: Keep Calm and Hang On
US municipal bonds remain attractive and we advise maintaining allocations
Credit/Fixed Income
US Manager Universe Statistics: Fourth Quarter and Calendar Year 2015
This chart book presents representative marketable and hedge fund manager performance for fourth quarter 2015. The median US REIT manager again posted the highest median quarterly return, 7.7% for fourth quarter 2015. The lowest median returns for the quarter (-1.4%) were posted by the median High-Yield Bonds manager and the median Credit Opportunities manager.
Review of Market Performance: Calendar Year 2015
Investors navigating the marketplace in 2015 faced numerous challenges, including US$ strength, commodity market stresses, and global growth concerns. To a large extent, asset class returns were either unexceptional or downright difficult. This brief chart book reviews returns and other metrics for the calendar year.
Investment Publications Highlights: December 2015
December’s publication summarizes two articles on interest rates. The first argues that the persistence of negative yields on several developed countries’ sovereign debt may encourage market instability, and the second suggests investors looking for more stable returns next year focus on US government bonds with long maturities versus short.
Is Emerging Markets Debt Attractive Today?
Despite seemingly high yields, today is not a particularly attractive time to buy emerging markets debt, whether hard currency or local currency.
Given the Recent Backup in Yields, Should Investors Look to Add High-Yield Exposure?
Yields have indeed risen sharply over the past several months, but given the cyclical nature of the asset class, along with worrisome trends in issuance volume and quality, we still do not find them compelling.
US Manager Universe Statistics: Third Quarter 2015
This chart book presents representative marketable and hedge fund manager performance for third quarter 2015.
Revisiting Fixed Income Investing When Interest Rates Rise
Investors should be wary of modifying their bond exposures solely based on what they think interest rates might do, and focus instead on bonds’ role in the portfolio and on mitigating risk/return asymmetry at current yields.
Why Did the US Federal Reserve Leave Rates at Zero . . . Again?
In this edition of C|A Answers, two members of our Capital Markets Research team provide different viewpoints on the Fed’s recent decision not to raise rates.
US Manager Universe Statistics: Second Quarter 2015
This chart book presents representative marketable and hedge fund manager performance for second quarter 2015.