Voya IM Blog
By Kurt Kringelis, CFA, CPA, JD, Head Macro Credit Strategist and Reuben Weislogel, CFA, CAIA, Quantitative Fixed Income Analyst
In April, we provided support for allocations to high yield by rebutting three common arguments against the asset class. “Retail is the new energy” was an argument against high yield in April and one that continues today. Given the headlines surrounding the “demise” of retail, we believe it is appropriate to offer investors a deeper analysis of the topic and provide a broader perspective across credit markets.Read More
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.
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?
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.
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.
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.
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.
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.
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.
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.