Investment Management

Voya IM Blog

11/17/2017

High Yield Volatility: Opportunity to Buy or a Symptom of Broader Risk?

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

Analyzing the source of recent volatility can help investors determine if recent spread widening is a symptom of broader systemic risk or an attractive opportunity to increase allocations to high yield.

10/30/2017

Tax Reform on the Horizon? How Current Proposals Could Impact Credit Markets

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

Most investors are viewing the potential impact of proposed tax reform through the lens of corporate earnings and economic growth. In our latest analysis, we take a more nuanced look to understand how current proposals might effect corporate behavior and credit spreads.

10/04/2017

How Protected are RMBS Investments from Natural Disasters?

By Dave Goodson, Head of Securitized, and Jeff Dutra, CFA, Senior Portfolio Manager, Structured Finance

Risks posed by recent storms are accounted for within RMBS structures and evaluated by investors. However, given the magnitude of the potential devastation associated with these recent storms in such a short time period, it is prudent to reassess this risk.

09/14/2017

Assessing the Likely Impact of Recent Storms

By Dave Goodson, Head of Securitized Investments, Fixed Income

As we were recently reminded, hurricanes, like other natural disasters, have the potential to be devastating and disrupting events. As Florida and Texas begin the recovery and rebuilding process, historical context provides perspective about the likely impact these storms will have.

08/21/2017

The U.S. Housing Market: What Historical Data Reveals about the Path Forward

By Dave Goodson, Head of Securitized Investments, Fixed Income

Comparing current economic data with 2007 data provides helpful context for the path forward. Our analysis reveals that the U.S. housing market still has meaningful upside. In fact, from several perspectives, we are still in the recovery phase.

08/17/2017

VIX: How low can it go (and why should investors care)?

By Vincent Costa, CFA, Head of Global Equities and Erin Doyle Orekhov, Client Portfolio Manager

Eight years into the slow and steady recovery of the economy and markets, complacency has hit record highs. As the era of complacency continues, we take a closer look at how investors are positioned and why it makes sense to add a little protection to your portfolio before volatility returns.

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.

08/10/2017

LIBOR in Limbo?

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

Recent announcements from the U.K.’s Financial Conduct Authority (FCA) have quickly turned into reports declaring the death of LIBOR. As speculation continues to mount, our latest analysis provides investors with a framework to help understand the implications for senior loan and CLO markets.

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.

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