Investment Management

Fixed Income

08/14/2017

Insurance Portfolio Management: A Closer Analysis of Duration Risk in the Current Environment

By Mike Pagano, Head of Insurance Portfolio Management and Jeff Hobbs, CFA, Senior Insurance Portfolio Manager

Despite well-intentioned portfolio construction and hedging decisions, duration gaps can still occur. In this post, we offer analysis to help insurers assess tradeoffs between yield and duration in the current market environment.

08/09/2017

What Does Looming GSE Reform Mean for Fixed Income Investors?

By Jake Lowery, CFA, Portfolio Manager, Mortgage Derivatives

GSE reform is likely to take hold in the current political environment. The impact this reform will have on the mortgage market has the potential to create a wealth of opportunities for fixed income investors.

07/20/2017

Using Bonds in a Return-Generating LDI Portfolio

By Pierre Couture, A.S.A., E.A., M.A.A.A., Head of Customized Solutions

The effectiveness of fixed income in liability-matching portfolios is well understood. But what role should the asset class play in generating returns?

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.

07/14/2017

Why Does Total Return Matter in Private Credit?

By Chris Lyons, Head of Private Credit

Although total return is more difficult to track for private credit offerings than it is for public bonds, the performance metric is arguably more important in the private market.

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?

06/22/2017

Insurance Portfolio Management: A Closer Analysis of Credit Risk in the Current Environment

By Mike Pagano, Head of Insurance Portfolio Management and Jeff Hobbs, CFA, Senior Insurance Portfolio Manager

Investing in credit markets when spreads are below average can be disconcerting. However, a closer analysis reveals compelling evidence for maintaining a tactical, near-term bent towards corporate credit in the current market environment.

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.

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