A barrage of decrees and announcements from the new Trump administration has defined recent weeks, upending the world order and compelling many European countries to commit to increased defence spending. But for discerning, active credit investors, the spike in uncertainties – geopolitical, growth, policy – has created one of the best credit-picking opportunity sets in years.
Three credit portfolio managers from across Generali Investments – Aperture Investors, Generali Asset Management, and Lumyna Investments – shed light on how they’re balancing dispersion opportunities with the increasing risks of a constantly shifting macro landscape.
TRUMP, TARIFFS, AND CREDIT: MORE OPPORTUNITY THAN THREAT, FOR NOW
An obvious question to ask following the credit market volatility of the past few weeks is: “Has the 18-month credit bull market come to an end?”
Market strength was characterised by expectations of falling inflation and rate cuts combined with a goldilocks economic backdrop.
Since the inauguration of the new US President, new factors have been taken into consideration, namely tariffs, European rearmament, and a perceived slowing of the US economy.
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