All United States articles
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White papersA Delayed Reckoning
Equity markets had momentum coming into 2023, but has the economic data now become too bad for investors to ignore?
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White papers
CLOs: A Case for Higher-Quality
CLOs continue to offer compelling opportunities for disciplined investors—especially as robust structures provide protection against some of the lingering macroeconomic headwinds.
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Blog
Are long-term US Treasury yields reaching the cycle peak?
Seven-to-ten-year US Treasury yields reached above 4% by the fourth quarter of last year, hitting multi-decade highs following a series of interest rate hikes since March 2022.
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White papers
2023 ESG outlook (ClearBridge Investments): Greater scrutiny on companies and sustainable investments
We can look forward to more efficient and transparent sustainable investing in 2023. Through active investment and engagement, ESG should maintain and grow its prominence in the business landscape.
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White papers
Fixed income investors are still too optimistic on inflation
Does the latest US data confirm the battle against inflation has already been won? Franklin Templeton Fixed Income CIO Sonal Desai says markets are overly optimistic.
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White papers
A Peak That Persists
We think sticky services inflation paired with a moderate slowdown will enable central banks to maintain higher rates for longer.
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White papers
Equity Market Outlook 1Q 2023: Key Considerations For Equity Investors
After rising interest rates, persistent inflation and geopolitical turmoil pounded equity investors in 2022, we wish we could report that a rebound appears just around the bend. Alas, we believe macroeconomic indicators offer little to cheer about in the first quarter of 2023—and perhaps through the remainder of the year.
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White papers
High Yield: A Compelling Risk-Reward Picture for Long-term Investors
Markets will likely remain on edge in anticipation of a central bank policy pivot, but high yield continues to present compelling total return opportunities for investors willing to ride out the volatility.
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Video
Who’s Afraid of an Inverted Yield Curve?
The current slope of the US Treasury yield curve is inverted. Two-year yields are higher than 10-year yields, and to us that means that investors are focused on a few things.
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White papers
A New Dollar Smile: Where Next for the U.S. Dollar?
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.
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Blog
Value shows stamina in painful year for US stocks
Amid the worst rout for US stocks in more than a decade, Value stocks showed impressive staying power, finishing in 2022 with far smaller losses than their Growth counterparts and the US market overall.
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White papers
What do we Learn from a Machine Understanding News Content? Stock Market Reaction to News
Using textual data extracted by Causality Link platform from a large variety of news sources (news stories, call transcripts, broker research, etc.), we build aggregate news signals that take into account the tone, the tense and the prominence of various news statements about a given firm. We test the informational content of these signals and examine how news is incorporated into stock prices.
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Video
Neuberger Berman US Large Cap Value Fund Overview
Client Portfolio Manager, Nicole Vettise highlights some of the key features of the Neuberger Berman US Large Cap Value Fund.
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White papers
When Factors Rhymed
It’s been said that “History doesn’t repeat itself, but it often rhymes.” We believe 2022’s factor performance rhymes with several periods in recent history. What message does that send to investors?
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Blog
December ‘22 U.S. MBS Agency Market Annual Recap
U.S. Agency Mortgages closed out the month on a sour note as earlier tightening was faded into year-end illiquidity. December did end modestly positive along the index, paring gains back to +29bps versus riskless Treasury curve and +33bps spread advantage.
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White papers
IG Credit: Well-positioned in a Challenging Environment
In a potential recessionary environment, robust company balance sheets and normalizing yield levels are creating a compelling case for IG corporate credit.
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White papers
Prospects for emerging equities are encouraging
Next year is likely to be a relatively lacklustre one for global equities. But that would still be a major improvement on the dismal 2022.
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White papers
S&P 500 Factor Dashboard: Dive deep into factor performance in the U.S. market
Investors who had hoped that the market’s fourth quarter rally would continue were disappointed by December’s results, as the S&P 500 declined -5.8%; each of our factor indices also showed a negative total return. For calendar 2022, the S&P 500 fell -18.1%, its first full-year loss since 2018 (and its worst performance since 2008).
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White papers
IG Credit Outlook 2023: Adding balance to portfolios
It has been a difficult year for fixed income in general. Stocks and bonds rarely decline in tandem in a calendar year, and 2022 was the only exception in the 45-year period dating back to 1977.
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White papers
Why It’s About to Get Even More Complicated From Here
This year’s choices were hardly simple, but economic policymakers in China, Europe and the United States face much trickier decisions in 2023.
