Investment Management

Market Insights

10/19/2017

Senior Loans: Committed to a Pure Play, Higher Quality Style

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

The lowest-rated segments of the loan market have driven the recent performance of the index. However, investors seeking to maximize short-term returns by reaching down for yield should proceed with caution - our analysis reveals that there is limited upside to investing in the higher-risk components of the senior loan market. Against an uncertain market backdrop, we remain committed to delivering a dedicated loan style focused on higher-quality, highly-diversified portfolios of senior secured loans.

08/04/2017

The U.S. Housing Trade is Far From Over

By Dave Goodson, Head of Securitized Investments, Fixed Income

The U.S. housing market still has meaningful upside. In fact, from several perspectives, we are still in the recovery phase. Against a robust economic backdrop, we believe securitized credit is a compelling way for investors to diversify a broader credit portfolio—yet the potential benefits of the asset class remain broadly misunderstood. In this analysis, we reveal why we believe securitized credit has become a “through-the-cycle” allocation.

07/27/2017

Searching for Skill: Information Ratio

If it were impossible for active managers to beat benchmarks there would be no need to evaluate, quantify or rank the degree of manager skill in any active investment strategy. But active managers can and often do beat their benchmarks, demonstrating the potential for active management to add value. The information ratio has gained prominence as a gauge for estimating this potential.

06/28/2017

Understanding Return of Capital: How It Could Be Beneficial in a Targeted Payment Fund

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

Many investors dislike return of capital (ROC) because they think it is just a return of the original investment minus fees. But sometimes ROC can be favorable to your clients; this Insight can help you determine when.

03/14/2017

A Holistic Approach to Target Date Design

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

How should Plan Sponsors think about evaluating Target Date Funds? In our new brochure, we offer a comprehensive approach for selecting the fund that best matches the needs and characteristics of the plan and its participants.

02/01/2017

Capital Market Assumptions for 2017

By Multi-Asset Strategies and Solutions Team

Our capital market assumptions provide estimates of expected returns, standard deviation of returns and correlations among major U.S. and global asset classes over a ten-year horizon. These estimates guide the strategic asset allocation for our multi-asset portfolios and provide a context for shorter-term economic and financial forecasting. These comments reflect final asset class forecasts of risk and return for 2017-2026 and are subject to change.

01/18/2017

Senior Bank Loan 2017 Outlook

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

Looking ahead to 2017, senior bank loans seem poised for another strong year. In our annual forecast, we break down the factors expected to drive risk and return in the asset class.

01/03/2017

What is Credit Risk Transfer?

By Dave Goodson, Head of Securitized Investments, Fixed Income

Learn more about this relatively new and growing fixed income segment.

11/23/2016

Volatility Controlled Equity Strategies: A Long-Term Investment Solution

By Vincent Costa, CFA, Head of Global Equities

Vincent Costa, CFA, Head of Global Equities explains why rumors surrounding the death of low volatility are greatly exaggerated.

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