While cap-weighted benchmarks for bond portfolios remain the norm, indexes based on other criteria are increasingly available. Benchmarks are an essential tool for investors to monitor and analyze overall portfolio performance, as well as the success of investment strategies and managers. Comparing manager performance against benchmarks also can help inform decisions about whether to use…
The new Treasury FRNs are attractive not only for money market funds and institutions that roll T-bills within large liquidity or collateral pools, but also for other institutional investors intent on reducing interest rate risk within their fixed income allocation.
An extensive examination of long-term trends and returns in U.K. equities, gilts, and Treasury bills.
Many institutions are reviewing their fixed income exposure in light of concerns over the prospects for rising interest rates. While shortening duration to protect portfolios against higher rates ahead seems intuitively appealing, experience indicates it is ill-founded.
“130/30” has become the most common shorthand for describing an investment strategy that relaxes the long-only constraint of traditional equity portfolios and incorporates both long and short equity positions, while maintaining a 100% net equity exposure to the market. The report analyzes what is behind the recent surge of 130/30 products and how to potentially…
An introduction to U.S. TIPS, their performance and correlations to other asset classes, as well as the pros and cons for a TIPS allocation and investing strategies.
A discussion of the role of bonds in policy portfolios and the factors to consider (duration, sector allocation, management approach, benchmarking, etc.) when implementing a fixed income allocation.
This report examines the evolution of the Asian distressed markets, the opportunities and risks present in the asset class, and the specialized skills required of investors in Asia.
An overview of emerging debt including correlations with other asset classes, risks (volatility, default, interest rate, currency), investment vehicles, and benchmarks. Exhibits cover market capitalization, credit quality, country debt ratios, Brady bond yields, benchmark returns, and fees and performance data on representative emerging debt managers.
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.