Content (118)
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White papersHow democracy is impacting economic policy and investment outcomes
Economic policy has an empirically documented relationship to asset prices. For example, sovereign bonds of economically “free” countries typically have higher credit ratings and much tighter yield spreads than those of countries where economic policy is much less liberal. It follows then that an investor who can correctly assess whether a country is becoming more/less economically free can – all else equal – potentially make money for their clients. Since markets appear to appropriately discount current economic policy conditions, the challenge for professional investors is to understand and accurately forecast the likely direction of policy change.
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White papers
After election and vaccine news, loan rally caps a remarkable 2020 rebound
The likely prospect of a divided government, combined with the announcement of a COVID-19 vaccine, propelled all risk asset sectors sharply higher, including floating-rate loans
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White papers
The CLO investment opportunity
Collateralised loan obligations (CLO) have gained increased attention in the press and from allocators in recent years, but remain poorly understood, as misperceptions surrounding CLO risk persist.
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White papers
The new COVID-19 landscape: Country selection is key for EM debt
COVID-19 has changed the landscape for emerging markets (EM) debt, injecting a new dimension of pandemic-related economic uncertainty.
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White papers
Democracy’s dichotomous role in economic policy changes and investment outcomes
This research paper, picking up on the empirically documented relationship between economic policy and asset prices, seeks to identify key determinants of economic policy change.
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White papers
Multi-Asset Credit strategy four-year anniversary highlights
The four-year period since inception (1 July 2016 to 30 June 2020) has seen the Eaton Vance Multi-Asset Credit Strategy consistently delivering excess returns relative to its blended index benchmark (1% annualised excess return for full period). Relative to Libor, the strategy has also delivered positively (annualised excess return of 3.6%). Ongoing success stems from both asset allocation and security selection decisions, in tandem with successful downside risk management.
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White papers
Global High Yield Strategy five-year anniversary highlights
The five-year period since inception (1 July 2015 to 30 June 2020) has seen the Eaton Vance Global High Yield Strategy deliver excess returns relative to its index benchmark (almost 1% annualised excess return) with less volatility than the index (7.35 versus 7.87).
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White papers
Facing hard truths: How a pandemic brought inequality into the board room
Calvert has long considered inequality to be an important thread in the overall fabric of responsible investing, embedded in the middle term of ESG — environmental, social and governance factors that influence corporate performance.
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White papers
Softening high-yield fundamentals signal caution following Q2 rebound
In this Q&A, the Eaton Vance high-yield team offers its perspectives on the rebound in high-yield corporate bonds in Q2, the role of the Fed and what’s ahead for the high-yield market.
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White papers
Conviction edges up for emerging-market credit
Emerging-market (EM) debt rebounded strongly in the second quarter across hard currency sovereign and corporate credit as well as local-currency debt.
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White papers
Distilling stock-level alpha in global small-cap equities
In recent years, investors have shown a greater interest in the global small-cap equity sector as part of their search for broader sources of return and diversification. Many are attracted to the sector’s oft-touted potential for generating higher returns. Increasingly, the diversification benefits that an allocation to the sector can deliver have also become an important consideration.
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White papers
Fed’s recent efforts have buoyed the high yield market
Over the course of a 10-week rally post crisis, we saw the high yield spread over Treasurys tighten into the mid-500s before widening modestly in the second week of June to 632 basis points. By June 19, spreads tightened into 606 and the average yield-to-worst ended at 6.45%.
