Content (71)

  • The Active Advantage in High Yield

    White papers

    The Active Advantage in High Yield

    2023-01-19T16:06:00Z

    There is a strong case to be made for active management in high yield bonds, in our view, with an active approach offering several advantages. Active management allows for fundamental analysis and security selection across the full high yield universe as well as the ability to nimbly reposition a portfolio to take advantage of macro trends.

  • A New Dollar Smile- Where Next for the U.S. dollar?

    White papers

    A New Dollar Smile: Where Next for the U.S. Dollar?

    2023-01-19T16:02:00Z

    Following decade-long appreciation, the TRP USD index has reached historically high levels, raising questions as to whether the U.S. dollar may be vulnerable to a possible rapid reversal. In this article, we explore the key drivers of forward (or subsequent) U.S. dollar returns, focusing specifically on those effects within extreme dollar return environments.

  • 2023 Inflation outlook

    White papers

    The 2023 Inflation Outlook

    2023-01-19T15:57:00Z

    Inflationary pressures have been a headwind for financial markets, so recent reports showing a declining trend in prices have been encouraging to investors. While moderating inflation may slow—or even pause—Fed hikes in the near term, we believe that an interest rate cut is unlikely if inflation settles above the Fed’s 2% target.

  • Global Market Outlook 2023

    White papers

    Global Market Outlook 2023 – The Need for Agility

    2023-01-19T15:51:00Z

    Heading into 2023, capital markets have priced in a significant economic slowdown. Equity valuations have improved, but earnings estimates may be too optimistic. The 2022 bear market pushed yields to the most attractive levels since the global financial crisis. The world isn’t “deglobalizing,” but structural changes could create opportunities.

  • Strong Growth Now May Not Mitigate a Recession Next Year

    White papers

    Strong Growth Now May Not Mitigate a Recession Next Year

    2022-12-09T14:33:00Z

    Central bankers appear to believe that current growth momentum in Europe and the U.S. should provide some protection against a recession in 2023, but history suggests this assumption is flawed. If central banks end up downgrading growth expectations, risk assets will likely underperform and the yield curve can be expected to flatten.

  • The Regime Change in Markets Demands Fresh Ideas

    White papers

    The Regime Change in Markets Demands Fresh Ideas

    2022-12-09T14:25:00Z

    A paradigm shift is taking place in investing. Fresh investment approaches are now required that cover wider macroeconomic, social, and geopolitical factors along with valuations and company fundamentals. While market dynamics have changed, alpha potential remains available for investors willing and able to adapt to the new era.

  • Divided Government Likely to Usher in Legislative Gridlock

    White papers

    Divided Government Likely to Usher in Legislative Gridlock

    2022-12-09T11:30:00Z

    With Republicans expected to take control of the House, we anticipate limited legislative achievement in the next Congress but the potential for conflict between the political parties that could have economic repercussions. We believe it is important for investors to guard against making investment decisions based on election outcomes that could prove ephemeral.

  • How Value Can Benefit From a New Investment Cycle

    White papers

    How Value Can Benefit From a New Investment Cycle

    2022-10-31T10:43:00Z

    We are excited about the potential for a new capital investment cycle forming after many years of underinvestment. For value investors, this is an exciting development as increased spending can be a significant source of investment opportunities.

  • The Regime Change in Markets Demands Fresh Ideas

    White papers

    The Regime Change in Markets Demands Fresh Ideas

    2022-10-28T10:36:00Z

    A paradigm shift is taking place in investing. Fresh investment approaches are now required that cover wider macroeconomic, social, and geopolitical factors along with valuations and company fundamentals. While market dynamics have changed, alpha potential remains available for investors willing and able to adapt to the new era.

  • Will Signs of Peak Inflation Bring About a Turnaround in “Growth” Stocks?

    White papers

    Will Signs of Peak Inflation Bring About a Turnaround in “Growth” Stocks?

    2022-10-27T10:32:00Z

    A potential peak in inflation expectations coincides with equity markets that have derated quite significantly, with some stocks trading at extreme valuations. This makes us more optimistic for equities as a whole and is an upgrade on our view versus much of 2022.

  • Navigating the EU’s Sustainable Finance Revolution

    White papers

    Navigating the EU’s Sustainable Finance Revolution

    2022-10-26T10:31:00Z

    Environmental, social and governance (ESG) investing has been one of the fastest-growing trends to hit financial markets, and the European Union (EU) has been the first regulatory block to comprehensively implement sustainable finance regulation. In this paper, we take a closer look at the EU’s new regulations and how they will affect investors.

  • Tech Stock Valuations Have Become Reasonable

    White papers

    Tech Stock Valuations Have Become Reasonable

    2022-07-08T09:56:00Z

    Although tech stocks have sold off steeply year-to-date and their valuations seem reasonable versus recent peaks, they are still not cheap when compared to the broader market. Given our continued caution toward this heavily growth-oriented sector, our Asset Allocation Committee recently added to growth stocks but remains underweight relative to value.