Investment Management

Voya IM Blog

05/04/2017

Tug-of-War: Senior Loan New Issue Volumes and the Refinancing Reality

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

While strong loan demand has contributed to near-term credit spread compression, longer term the investment case for senior loans remains well intact. In fact, despite the recent pressure, spreads in the loan market remain above their historical averages.

05/02/2017

VAR, What is it Good For?

By Brian Timberlake, CFA, PhD, Head of Fixed Income Research and Peter-Paul Hoogbruin, FRM, Market and Credit Analysis

While no one measure is capable of capturing the full breadth of risk within a fixed income portfolio, VAR (Value at Risk) is an important measure within an investor’s tool kit. However, like any tool, VAR must be used with a full understanding of its benefits and drawbacks. With this in mind, we set out to answer: VAR, what is it good for?

04/26/2017

A Simple Analysis Reveals a Harsh Reality: No Investor is Spared from the Uncompromising Logic of Mathematics

By Vincent Costa, CFA, Head of Global Equities

Large investment losses have the potential to derail any investor on their path towards achieving their stated objective. In this quick math lesson, we explain the importance of downside protection.

04/17/2017

Is It Too Late to Buy High Yield? Rebuttals for 3 Common Arguments Against the Asset Class.

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

Many “experts” have recently warned of impending doom in the high yield bond market. High yield returns have certainly been impressive since the energy- and commodity-led sell-off of late 2015/early 2016, but our view of today’s economic and market landscape doesn’t lead us to the conclusion that the end is near. Rather, we find reasonable value in the market and used the March sell-off to add high yield exposure.

04/10/2017

Global Economic Performance: Who is in the Driver’s Seat?

By Guy Petcho, Global Macro Portfolio Manager, Fixed Income

As global policymakers impact the trajectory of global growth, we explore the true drivers of the markets, and ask how fixed income investors should be thinking about portfolio positioning.

03/20/2017

Credit Spreads Are Tight. But Are They Overvalued?

By Kurt Kringelis, CFA, CPA, JD, Head Macro Credit Strategist

Spreads for U.S. credit are hovering around their lowest level since the 2008 financial crisis. But that doesn’t necessarily mean they are overvalued.

03/14/2017

The Great Target Date Debate: Active or Passive?

By Paul Zemsky, CFA, Chief Investment Officer, Multi-Asset Strategies & Solutions

Active or passive? It’s one of the biggest decisions facing plan fiduciaries evaluating target date strategies. Yet too often this complex decision is boiled down to a narrow discussion about fees. But what does empirical evidence have to say about going active versus passive? The answer – it depends.

02/23/2017

An Underappreciated Asset Class: A Case for SMID Cap Growth

By James Hasso, Head of U.S. Small Cap and Portfolio Manager

For investors running up against capacity constraints in small-cap, the SMID-cap growth universe may provide the best of both worlds: exposure across market caps with the potential for greater returns with less risk and more liquidity.

02/23/2017

Disappearing LIBOR Floors Simplify the Investment Case for Senior Loans

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

With the Fed signaling as many as three interest-rate increases in 2017, disappearing LIBOR floors represent another compelling reason to consider an allocation to senior bank loans.

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