Content (46)

  • Short Duration Q1 Recap, Portfolio Actions & Outlook

    White papers

    Short Duration Q1 Recap, Portfolio Actions & Outlook

    30 April 2025

    Our quarterly update examines the market turbulence of Q1 and how short duration strategies navigated the challenges—and opportunities—of heightened macro uncertainty.

  • Tariff Impacts and Infrastructure Debt’s Resilience

    White papers

    Tariff Impacts and Infrastructure Debt’s Resilience

    29 April 2025

    Infrastructure debt provides investors with access to a defensive asset class with lower correlation to economic cycles than general corporate debt given the essential nature of infrastructure assets. Nevertheless, tariffs will have both direct and indirect effects on certain infrastructure investments. Economic infrastructure assets and projects under construction, where there is exposure to supply chain issues or increased costs, will feel the greatest effect of tariffs. Defensive assets such as contracted-power generation, regulated transmission and utility assets, and availability-based public private partnerships will largely be unaffected by the additional tariffs.

  • Deglobalization. What's Next?

    White papers

    Deglobalization. What’s Next?

    24 April 2025

    We believe the Post-World War II, U.S.-dominated world order of globalization is quickly coming to an end. Between the possibilities of diversification, division, and disengagement that we discussed in our piece on globalization several years ago, the Trump Administration appears to be pursuing a disengagement strategy. Everyone— domestic players in the U.S. included—is now working to accommodate a less globally engaged U.S.

  • Relative Value & Tactical Asset Allocation – Q2 2025

    White papers

    Relative Value & Tactical Asset Allocation – Q2 2025

    25 March 2025

    Tariffs and trade policies can produce global growth volatility through direct economic effects and investment decisions, which could then translate into global financial market volatility. This could potentially add consumer stress and even impact consumers in the higher-income cohorts who have been less impacted by ongoing, above-target, inflation.

  • A Return to Uncertainty

    White papers

    A Return to Uncertainty

    19 March 2025

    We believe that even though 2025 is off to a rough start, firms and consumers will continue to adapt, and growth will stabilize over the year. Many of the negative impacts of lower activity in the beginning of the year (weaker consumer spending, weaker consumer confidence and high imports to front-run tariffs) are idiosyncratic and have the potential to be offset in subsequent quarters, resulting in overall growth that is healthy, albeit weaker than 2024.

  • Mim

    White papers

    QT or Not QT – Part Two

    18 March 2025

    In the previous part of “QT or not QT”  we discussed how the Federal Reserve balance sheet needs to change as it approached an optimal level. The final step, discussed by participants in the most recent Federal Open Market Committee (FOMC) meeting, is to structure securities purchases in a way that would move the composition of the SOMA portfolio closer to the composition of outstanding Treasury debt. What would that mean for the current portfolio?

  • Private Debt Opportunities in Emerging Markets- Insights for Building Insurance Portfolios

    White papers

    Private Debt Opportunities in Emerging Markets: Insights for Building Insurance Portfolios

    14 March 2025

    Private debt markets in emerging economies may offer unique opportunities. They can help insurance-industry investors to seek yield enhancement, diversification and less-correlated returns compared to traditional public debt.

  • Emerging Markets Debt Restructurings- A Year of Resilience and Innovation

    White papers

    Emerging Markets Debt Restructurings: A Year of Resilience and Innovation

    28 February 2025

    Between 2017 and 2022, 11 Emerging Markets (EM) sovereigns defaulted, representing approximately 15% of the Emerging Markets Bond Index (EMBI) weight taken 12 months prior to default.These defaults can be categorized into three distinct groups based on the catalysts that drove each country into default: pre-COVID self-induced, COVID-induced, and war-induced.

  • The Return of Mercantilism- Shifting Goalposts on Trade

    White papers

    The Return of Mercantilism? Shifting Goalposts on Trade

    20 February 2025

    President Trump made several changes to trade policy in his first term, and U.S. firms have adjusted accordingly. Trade exposure has shifted away from China, and investment abroad has shifted toward Europe and the Western Hemisphere.

  • U.S. Housing Chartbook

    White papers

    U.S. Housing Chartbook

    31 January 2025

    The U.S. consumer remains strong on the back of a healthy labor market and inflation is moving back to target, albeit slowly.

  • Thematic Engagement- 2024 Scope 3 Emissions

    White papers

    Thematic Engagement: 2024 Scope 3 Emissions

    23 January 2025

    Scope 3 emissions are becoming increasingly important as issuers face growing pressure to report and reduce these emissions. In our latest report, we examine how issuers across public fixed-income and private credit sectors are tackling Scope 3 data challenges and setting decarbonization targets.

  • Trump 2.0 Back to the Future

    White papers

    Trump 2.0: Back to the Future?

    17 January 2025

    By the end of this month, President Trump will enter the White House for his second term with an economic backdrop quite different from that of his first term. While the policies he advocates for are of a similar style this time around, the entirely different economic situation mean that those policies may have a different effect than they would have had in his first term.