Investment Management

Voya IM Blog

04/19/2017

6 Levers Insurance Investors Can Pull to Offset Yield Erosion

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

How can insurers counter the margin compression resulting from new money rates lagging portfolio book yields? In a series of upcoming blog posts, we will highlight opportunities and risks across the six traditional levers that insurance companies can pull to offset this yield erosion.

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.

04/03/2017

What is Investment Grade Private Credit?

By Chris Lyons, Head of Private Credit

Private credit is often viewed through the lens of mezzanine below-investment grade debt. But this is only a subset of the asset class. In fact, investment grade offerings account for a large part of the total market. So what do structure, pricing, and liquidity look like in the investment grade private credit market? How are deals sourced best in the investment grade market? The answer may come as surprise to some investors.

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.

03/10/2017

Wall of Maturity, Wave of Opportunity: Why Investors Should Consider Commercial Bridge Loans

By Chris Gorman, Head of Structured Finance

Near-term loan maturities in the commercial mortgage-backed securities market and increased regulations are creating compelling investment opportunities in commercial real estate bridge loans.

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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