Investment Management

Voya IM Blog

08/21/2017

The U.S. Housing Market: What Historical Data Reveals about the Path Forward

By Dave Goodson, Head of Securitized Investments, Fixed Income

Comparing current economic data with 2007 data provides helpful context for the path forward. Our analysis reveals that the U.S. housing market still has meaningful upside. In fact, from several perspectives, we are still in the recovery phase.

08/17/2017

VIX: How low can it go (and why should investors care)?

By Vincent Costa, CFA, Head of Global Equities and Erin Doyle Orekhov, Client Portfolio Manager

Eight years into the slow and steady recovery of the economy and markets, complacency has hit record highs. As the era of complacency continues, we take a closer look at how investors are positioned and why it makes sense to add a little protection to your portfolio before volatility returns.

08/10/2017

LIBOR in Limbo?

By Jeff Bakalar and Dan Norman, Co-Heads of Voya Senior Loan Group

Recent announcements from the U.K.’s Financial Conduct Authority (FCA) have quickly turned into reports declaring the death of LIBOR. As speculation continues to mount, our latest analysis provides investors with a framework to help understand the implications for senior loan and CLO markets.

08/01/2017

Fixed Income Portfolio Strategy: The Important Role of Senior Bank Loans

By Jeff Bakalar and Dan Norman, Co-Heads of Voya Senior Loan Group

Careful consideration is in order when selecting a senior loan strategy. Many loan funds actively include a sizeable allocation to other bond or bond-like assets, which can materially change the risk profile of a portfolio, particularly in a rising rate environment.

07/19/2017

The Disruption in Retail Expands to Grocers: What Amazon’s Latest Game Changer Means for Fixed Income Investors

By Dave Goodson, Head of Securitized; Greg Michaud, Head of Real Estate Finance; Mark Probst, Senior Credit Analyst; and Daniel Riordan, CFA, High Yield Credit Analyst

Perhaps the largest untapped opportunity for e-commerce, groceries have officially joined the ranks of the disrupted consumer-spending categories. Our fixed income team breaks down the likely impact this game-changing deal will have on the real estate, securitization and corporate credit markets.

06/28/2017

The High Yield Market is Shrinking. That Could Be Good News for Investors.

By Randy Parrish, CFA, Head of Credit and Rick Cumberledge, CFA, Head of High Yield

The size of the U.S. high yield market increased steadily from the mid-1980s. Over the past two years, it started to shrink. What does that mean for investors?

06/14/2017

Anatomy of a Credit Market Sell Off

By Kurt Kringelis, CFA, CPA, JD, Head Macro Credit Strategist and Reuben Weislogel, CFA, CAIA, Quantitative Fixed Income Analyst

Historical evidence shows that in order for the overall credit index to widen meaningfully, a large industry needs to experience outsized problems or a handful of industries need to collectively weaken.

06/09/2017

Subprime Auto: Frightening Parallels to the Mortgage Crisis, but is there Systemic Risk?

By Dave Goodson, Head of Securitized Investments, Fixed Income

Recent headlines paint a picture of subprime auto lending as the ticking time bomb for the next “great financial crisis.” But are investors really staring down the edge of a cliff? While a closer analysis reveals undeniable parallels to the mortgage crisis, we don’t believe securitized credit investors should hit the panic button just yet.

06/05/2017

Inflation to Strike Back as Wages Climb and Animate the Fed

By Guy Petcho, Global Macro Portfolio Manager, Fixed Income

For insight into future Fed policy decisions, investors should discount the last CPI prints and focus on wage growth.

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