An assessment of the investment opportunities resulting from a debilitating combination of successive recessions in Japan and the reluctance of government officials to enact and enforce financial sector reforms. Key topics include market risks, supply of distressed assets, strategies to capitalize on the opportunity, and investment vehicles and fund structures.
As the title suggests, this report examines changes in the TIPS market since their first issuance in 1997, as well as implementation issues for institutions seeking either the inflation- or deflation-hedging features of TIPS.
A discussion of the role of bonds in policy portfolios and issues related to the implementation of a fixed income allocation, including sector allocation, duration targets, active versus passive management, and selection of an appropriate benchmark. Exhibits cover data on returns for various bond sectors, correlations with other asset classes, and Treasury yield curve shifts…
This report examines the nature of high-yield bond returns, the role of high-yield bonds in a diversified portfolio, and the implementation of an allocation. Exhibits include data on issuance, default and transition rates, and spreads relative to treasury bonds. Also included are performance data on representative high-yield managers and descriptions of benchmarks.
An examination of types of distressed opportunities and strategies, and the historical performance of distressed funds. Exhibits cover distressed capital structure, sample fund composition, and a review of terms.
This report focuses on TIPS` behavior during severe economic contraction, evaluating whether a portfolio composed of equities and TIPS will weather a prolonged economic contraction as effectively as a more conventional portfolio composed of equities and nominal bonds. The report provides a supplement to our previous research report on TIPS.
An introduction to U.S. TIPS, their performance and correlations to other assets classes, as well as the various rationales for a TIPS allocation and investing strategies.