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Intelligent Investing: Looking beyond Interest Rates
Low interest rates have been a defining feature of the investing landscape in recent years. The rate on the benchmark US 10-year Treasury Note has been in a 40-year downtrend (Exhibit 1), leading to sub-3.0% yields for the better part of the past decade.Read More
Summer Dreams, Ripped at the Seams
For those in the northern hemisphere, it’s been a volatile summer for emerging market bonds. The asset class has swung between gains and losses amid concerns about rising interest rates, high inflation, slowing growth and the Russia-Ukraine conflict. Then in late-August, Federal Reserve Chairman Jerome Powell’s speech on sustained higher interest rates rattled global markets, halting a rally in risk assets.
Got Dividends?
If you’re of a certain age you’ll probably recall those Got Milk? commercials that were omnipresent in the mid-1990s. It was one of the all-time greatest ad campaigns, becoming a cultural touchstone. Seeing as milk consumption per capita in the US has been decreasing for at least 20 years, the milk producing industry might want to consider dusting off its old playbook. Though not entirely clear why Americans are drinking less milk, the decline is at least partially explained by an aging population.
Demographics might be hurting milk consumption, but aging populations in the US and other major economies are a distinct tailwind for income-producing securities, including dividend-paying stocks.
The Fed Cures Bird Flu
**FED HIKES 75BPS, INITIATES QT, TARGETS FOOD INFLATION. FED CURES BIRD FLU, LIFTS FOOD EXPORT RESTRICTIONS IN FOREIGN COUNTRIES, SHIFTS WATER TABLE FROM FLOODED FARM AREAS TO DROUGHT AREAS, RELEASES WHEAT FROM STRATEGIC GRAIN RESERVE, INCREASES BABY FORMULA PRODUCTION.
Finding Opportunities Amid Policy-Driven Volatility
There’s been no shortage of volatility so far this year as building inflationary pressures and increasingly tighter monetary conditions have led to spikes in volatility across interest rates and risk assets. Across credit markets, de-risking has become more common as investors price in their expectations for higher policy rates and the potential impact on global growth. Uncertainty continues to drive price action in the near term, but through the noise, growing pockets of value are emerging across the high yield landscape.
Three Trends to Watch in the Evolving Software Enterprise Landscape
The software industry is witnessing monumental shifts that evolve its economics. Like all industry transitions, this change will create both winners and losers. As forces that will reshape the future of business, we are interested in the opportunities made possible by (1) the ubiquity of digitalization, (2) the increased transition to the cloud and (3) the proliferation of artificial intelligence (AI).
Three Reasons to Consider an Allocation to Leveraged Loans
In looking at the year ahead, we expect an environment that inches ever closer to normal across all facets of the economy. For fixed income investors, normal means the end of accommodative monetary policy and the beginning of a tightening cycle that is likely to challenge returns in 2022. To offset some of these headwinds, we think allocating to leveraged loans is a compelling strategy for fixed income investors. Here are three reasons why leveraged loans have the potential to perform well in the year ahead.
Where We Are Finding Growth: Renewable Energy Economy
The team believes the world is in the early stages of a meaningful mix shift from hydrocarbon-based energy to renewables-powered energy enabled by improving economics, social awareness and increasing regulatory pressures. These dynamics have enabled the team to uncover several profit cycle opportunities globally.
Where We Are Finding Growth: Industrial Process Innovation
A relatively slower capital expenditure cycle is often cited as one factor behind the past decade’s tepid expansion in many developed markets. However, we believe this top-down point of view obscures a healthy, albeit different, sort of capex cycle—one that is more technology-driven and focused on efficiency and margin improvements.
Where We Are Finding Growth: Health Care Innovation
In the six-plus decades since Francis Crick and James Watson published their short but revelatory article about DNA’s double-helix structure, ongoing research has accelerated understanding of human genetics.