One of the biggest challenges investors face today is navigating the most concentrated U.S. stock market in history, where the largest stocks represent a record share of total market value.
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
The value today of quality bond exposure in your high yield portfolio.
Opportunities have increased significantly in frontier markets debt as more countries have made a conscious effort to open their capital markets to international investors and currencies have become more fairly valued.
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
With major US policy change unfolding, flexibility across and within asset classes will be critical.
Looming U.S. and global policy shifts may potentially rattle markets, but a tactical and flexible approach could help investors navigate risks and opportunities regardless of how events play out.
We delve into the unprecedented level of equity risk investors are taking, the record-high uncertainty measures facing further impacts from deglobalization, and the benefits of maintaining a diversified portfolio through it all.
Should you avoid lower-rated, riskier investments like high-yield corporate bonds or bank loans? Not necessarily, but you should understand the risks.
In the report, John Kerschner, Head of US Securitized Products & Portfolio Manager, and John Lloyd, Lead for the Multi-Sector Credit Strategies & Portfolio Manager, review the best-performing U.S. fixed income sectors of 2024 – what worked, what didn’t, and what it means for investors going forward.
Attractive yields and a broad opportunity set bolster active bond investments amid today’s uncertain macroeconomic and market outlook.
Long maturity treasuries can provide downside protection to offset equity risk, in our view.
Global equities ended 2024 on a strong note, driven by the continued dominance of U.S. equities, which were propelled even higher by the reelection of President Donald Trump.
Private credit has been one of the most talked-about segments in fixed income markets over the last few years.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth discussed the NEOS Nasdaq 100 High Income ETF (QQQI) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
Building a bond portfolio these days isn’t easy. Interest rates have been volatile. Credit spreads are tight. And sweeping change in US fiscal, trade, and regulatory policy is underway. We think securitized assets deserve a closer look.
At the same time, the Fed has mostly ignored the impact of easy financial conditions—the combination of stock, bond, and credit conditions—offsetting increases in interest rates by bolstering wealth and confidence.
As the sequel unfolds, particular industry sectors in affected countries are likely to be more impacted. Global Head of Credit Research Mike Talaga, Head of EMEA Credit Research James Maxwell, and Client Portfolio Manager Celia Soares discuss the implications for credit investors.
The best performing US blue-chip bond funds of 2024 are sticking to their winning playbook: investing in debt from riskier blue-chip companies, as well as firms that can handle economic turbulence — and avoiding corporations sensitive to interest-rate risk.
We hope you enjoy the latest newsletter from Harold Evensky.
Stocks rallied in early 2025 as market leadership shifted, with Large Cap Value outperforming growth stocks, while a major AI development from China triggered a sell-off in U.S. technology stocks, raising concerns about the future of AI leadership and high-end chip demand. For investors the implications are more significant for fixed income portfolios, while equities should continue to do well as long as the labor market holds up.
The evolving high-yield markets make the case for a global, multi-sector approach to generating income.
A small band of Wall Street skeptics are moving to protect their credit portfolios against a market priced like nothing in the economy could possibly go wrong.
While planning for a CMA (Capital Market Assumptions) at the close of the year—and in the wake of an unexpected U.S. election result—it’s tempting to adopt a short-term perspective, focusing on the uncertainties and anxieties generated by President-elect Trump’s policies and their potentially disruptive impact on the economy and the market.
Oaktree Capital Group LLC co-founder Howard Marks says investors who made a fortune in the era of easy money should not expect the same strategies to deliver such exceptional returns in the future.
We explore how evolving priorities under the new U.S. administration may influence markets and investor outlooks.
For stocks, Christmas came with a 'Santa Clause' rally soon after the election. Since then, there's been a correction in US markets.
When investors have been looking to allocate funds within the U.S. fixed income markets, credit has seemingly been viewed as being perhaps too “rich,” or expensive, in relative terms.
Investors, many of whom were worried about stock valuations before the election, have much to consider heading into 2025. There seems reason for some exuberance—but a rational exuberance, based upon a plausible foundation of corporate and economic health.
In last week’s discussion with Thoughtful Money, I noted that we are becoming more “tactically bearish” as we progress into 2025. While we have remained primarily bullish in equity positioning over the last two years, several risks are now worth considering.
New policies could disrupt markets, but high starting yields and strong demand for income should provide ballast.
Use this guide to transform our 2024 Retirement Insights into action in 2025, focusing on areas of plan design, tax credits and participant engagement. Our Mike Dullaghan shares the highlights.
Although we are loath to make predictions, conditions appear to be favorable for fixed income in the coming year, and we think investors should consider adjusting their allocations accordingly.
U.S. equities closed 2024 on top and U.S. growth took back leadership from U.S. value.
Despite a lackluster 2024 for most bonds, investors with an eye on the long-term time horizon could reap future benefits.
European bond markets are climbing a mountain of worry. Despite the risks, history suggests a positive outcome.
Gain insights into 2025’s top tech trends and market opportunities, and what experienced investors should consider for smart tech investments.
Continued volatility, falling yields, and other expectations for the year ahead, plus seven strategies to take advantage.
We prefer equities over fixed income, in particular U.S. equities as the outlook for the U.S. economy is solid and promising.
Emerging markets-focused investors have had little to celebrate over the past year.
Brent Olson and Thomas Ross, fixed income portfolio managers, believe that high yield bonds offer comfortable driving for now, but investors might need to negotiate more difficult terrain later in 2025.
In his 2025 investment outlook, Portfolio Manager John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing.
"Trump Trade 2.0" fueled U.S. equity and digital asset rallies, while real assets faltered under a strong dollar.
In the latest episode of ETF 360, Kirsten Chang was joined by Rockefeller Asset Management’s Director of Fixed Income Alex Petrone.
Portfolio managers and market strategists from Payden & Rygel review the opportunities and risks ahead for four bond market sectors: high yield, emerging markets, global bonds and low duration securities.
We expect high yield bond issuers to maintain healthy balance sheets and defaults to remain low.
To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth. This achievement served as a powerful metaphor for the year: the improbable not only became possible but redefined expectations.
We examine how a potentially complex bond market in 2025 could still offer opportunities in high-yield bonds, municipal bonds, and inflation-protected securities.
Strong 2024 performance may be tough to replicate given tight credit spreads, but we still have a favorable view on corporate bond investments given the strong economy.
We believe municipal bonds currently offer a compelling balance of risk and reward for investors in higher tax brackets.
Financial markets often move in cycles where enthusiasm drives prices higher, sometimes far beyond what fundamentals justify.
Five of Franklin Templeton’s specialist investment managers provide their annual outlooks for the global economy and key asset classes, including global equities; global fixed income; global infrastructure; the macro fixed income environment; municipal bond market; high yield bond market; small cap equities; U.S. dollar; U.S. economy; and U.S. equities.
Investors are scrambling to decide if Donald Trump’s impending return to the White House will sustain or derail the rally in emerging-market bonds witnessed under Joe Biden.
Credit spreads are critical to understanding market sentiment and predicting potential stock market downturns.
Let’s take a look at five of VettaFi's articles that significantly resonated with the community in 2024.
The boom in portfolio trading, where investors can buy or sell scores of corporate bonds with just a few clicks of a mouse, is fueling mega trades that were rare in credit markets just a few years ago.
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities.
For investors looking to get ahead of the greater bond market, Eaton Vance's Total Return Bond ETF can do the trick.
It is important for savers to understand guaranteed and non-guaranteed options when looking at retirement solutions offered within a 401(k) plan. Our Mike Dullaghan shares the highlights and talks about the need for personalized strategies.
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities which has worked well with periods of secular disinflation.
We seek to capitalize on today’s attractive yields while staying mindful of economic and market uncertainties.
Balancing credit risk with interest-rate risk in a dynamically managed portfolio can be an all-weather approach.
Municipal bonds broke their winning streak in October, posting negative total returns alongside broader fixed income assets.
U.S. rate cuts of up to 200bps are anticipated by the end of 2025 but with significant further downside if recession risks materialize.
Emerging-market (EM) corporates have a track record of resilience across market cycles.
Recent insights from Natixis Investment Managers breaks down a few fixed income risks that investors may not be aware of.
Investors are piling into US leveraged loan ETFs, betting that President-elect Donald Trump’s policies will potentially boost inflation and push the Federal Reserve to keep interest rates higher for longer.
All year, a slew of Wall Street pros have questioned the durability of an indiscriminate risk rally that has fattened stock prices by trillions of dollars, sent Bitcoin soaring, fueled a credit bonanza, and more.
In the report, Global Head of Fixed Income Jim Cielinski and Head of Global Short Duration Daniel Siluk believe navigating the change in rate regimes has grown more complicated for the Federal Reserve (Fed) as they must now consider the ramifications of Donald Trump’s proposed economic policies.
There’s a problem brewing in the world of ETFs: We are running out of ticker symbols. Bloomberg recently reported that, with so many new funds hitting the marketplace in recent years, issuers are forced to produce catchy four-letter ticker symbols rather than the more eye-pleasing three-letter abbreviations.
Credit risk fell in reaction to Donald Trump’s US presidential win, even though his presidency may be marred by tariffs and possible trade wars.
Franklin Templeton Fixed Income believes investing in companies promoting gender equality and diversity can lead to inclusivity and strong financial returns. Despite the persistent gender gap, there's an increase in women in leadership roles, positively impacting financial performance, corporate governance and crisis resilience.
Brandywine Global: With the US election imminent, looking past heightened emotions and uncertainty to the potential economic and market impacts can be difficult. But election rhetoric eventually meets reality.
Here we are, another calendar quarter down with one more to go in 2024, and investors have yet to see a “hard landing” emerge.
The most common questions we’ve been asked as the election approaches are generally about the Federal debt and deficits. Many investors worry about a looming “day of reckoning” for US debt. They fear the US’s fiscal imprudence will eventually force a sudden and dramatic repricing of US debt. In this insight, we explore the modern history of US debt to GDP across several Presidential administrations and outline why investors should not be worried about a financial apocalyptic abyss.
Investment grade bonds have long been synonymous with a “core” fixed income allocation, but we believe a flexible strategy also belongs in most bond portfolios, as managers can adjust their exposure based on market conditions.
The US presidential election Nov. 5 is shaping up to be the mother of event risks so you’d think the safest of all havens would be holding up. But it’s not — and that’s only one of the notable anomalies springing up in financial markets. Yields on 10-year US Treasuries have risen nearly 70 basis points since the Federal Reserve's punchy half-point initial rate cut on Sept. 17.
Normalization seems to be in its final stage, with the Fed expected to continue cutting rates.
To those who argue that value investing has gotten too hard in today’s momentum-chasing, passive-driven world, Scott McBride’s results are a bit of a conundrum.
Vanguard Group Inc. sees more opportunities in the lowest rung of investment-grade bonds, even as spreads for triple-B notes reached their tightest since 1998 last week.
Explore how AI fuels nuclear investments, drives energy demand, and attracts tech giants to nuclear power.
The tendency to blindly follow these rules has led investors towards prematurely de-risking and over-estimating the likelihood of recession.
Markets changed character to broad-based optimism relating to the economy. The economic picture began to come into focus with inflation continuing to moderate as the economy maintains steady growth and employment. The result was a stark turnaround for economically integrated or interest rate sensitive assets, which resulted in a great quarter for diversified multi-asset portfolios. New Frontier sets a major milestone in Q4, marking 20 years of investing at the end of October.
Fed easing cycles and lowered target interest rates impact various economic sectors, such as mortgages, consumer credit and cash investments.
Credit indices rallied during the third quarter, despite a variety of economic headwinds, and it appears FOMO (fear of missing out) is fueling the bullish sentiment more than fundamentals.
Quarterly recap: Fed rate cut and Chinese stimulus take the spotlight.
Alpha (α) is a fundamental yet poorly understood concept in finance. Simply put, it is the difference between the return of an investment and that of a risk-adjusted benchmark. In a more advanced definition, alpha is the residual in an asset pricing equation (see Appendix A). Alpha is what active managers strive to achieve and passive managers do not pursue.
High-Yield Bonds
How To Survive Falling Markets
One of the biggest challenges investors face today is navigating the most concentrated U.S. stock market in history, where the largest stocks represent a record share of total market value.
As Europe Rearms, Bond Funds Are Ripping Up the Rule Book
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
Gimme Credit
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
A High-Quality Moment in High Yield
The value today of quality bond exposure in your high yield portfolio.
6 Reasons to Consider Frontier Markets Debt
Opportunities have increased significantly in frontier markets debt as more countries have made a conscious effort to open their capital markets to international investors and currencies have become more fairly valued.
Wall Street Goes Defensive as Policy Uncertainty Rattles Markets
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
Multi-Asset Positioning in a Trump 2.0 Policy Regime
With major US policy change unfolding, flexibility across and within asset classes will be critical.
Two Policy Risks in the Spotlight
Looming U.S. and global policy shifts may potentially rattle markets, but a tactical and flexible approach could help investors navigate risks and opportunities regardless of how events play out.
Historically Confident Investors Meet Historically Uncertain World
We delve into the unprecedented level of equity risk investors are taking, the record-high uncertainty measures facing further impacts from deglobalization, and the benefits of maintaining a diversified portfolio through it all.
Fixed Income: Taking Risk in Moderation
Should you avoid lower-rated, riskier investments like high-yield corporate bonds or bank loans? Not necessarily, but you should understand the risks.
Top-Performing U.S. Fixed Income Sectors of 2024: Securitized Outpaces the Agg
In the report, John Kerschner, Head of US Securitized Products & Portfolio Manager, and John Lloyd, Lead for the Multi-Sector Credit Strategies & Portfolio Manager, review the best-performing U.S. fixed income sectors of 2024 – what worked, what didn’t, and what it means for investors going forward.
Income Fund Update: Navigating Uncertainty in 2025
Attractive yields and a broad opportunity set bolster active bond investments amid today’s uncertain macroeconomic and market outlook.
Of Stocks and Bonds
Long maturity treasuries can provide downside protection to offset equity risk, in our view.
Global Equity Team Outlook 2025: Has U.S. Exceptionalism Peaked?
Global equities ended 2024 on a strong note, driven by the continued dominance of U.S. equities, which were propelled even higher by the reelection of President Donald Trump.
Public vs. Private Credit: Finding Their Lanes in 2025
Private credit has been one of the most talked-about segments in fixed income markets over the last few years.
NEOS Nasdaq 100 High Income ETF (QQQI)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth discussed the NEOS Nasdaq 100 High Income ETF (QQQI) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
Why It May Be Time to Lean Into Securitized Assets
Building a bond portfolio these days isn’t easy. Interest rates have been volatile. Credit spreads are tight. And sweeping change in US fiscal, trade, and regulatory policy is underway. We think securitized assets deserve a closer look.
Navigating the (New) Conundrum
At the same time, the Fed has mostly ignored the impact of easy financial conditions—the combination of stock, bond, and credit conditions—offsetting increases in interest rates by bolstering wealth and confidence.
Tariff Wars II: The Sequel Impacting Trade and Industry Sectors in Credit
As the sequel unfolds, particular industry sectors in affected countries are likely to be more impacted. Global Head of Credit Research Mike Talaga, Head of EMEA Credit Research James Maxwell, and Client Portfolio Manager Celia Soares discuss the implications for credit investors.
Investors See High-Grade Debt, MBS as Top Bets of 2025
The best performing US blue-chip bond funds of 2024 are sticking to their winning playbook: investing in debt from riskier blue-chip companies, as well as firms that can handle economic turbulence — and avoiding corporations sensitive to interest-rate risk.
Newsletter January 2025
We hope you enjoy the latest newsletter from Harold Evensky.
Principal, Pimco Bet on Debt From Riskier High-Grade Companies
The best performing US blue-chip bond funds of 2024 are sticking to their winning playbook: investing in debt from riskier blue-chip companies, as well as firms that can handle economic turbulence — and avoiding corporations sensitive to interest-rate risk.
Stocks Rally in Early ’25, New Winners Emerge
Stocks rallied in early 2025 as market leadership shifted, with Large Cap Value outperforming growth stocks, while a major AI development from China triggered a sell-off in U.S. technology stocks, raising concerns about the future of AI leadership and high-end chip demand. For investors the implications are more significant for fixed income portfolios, while equities should continue to do well as long as the labor market holds up.
In the Hunt for Income, It’s Wise to Broaden Your Horizons
The evolving high-yield markets make the case for a global, multi-sector approach to generating income.
Credit Skeptics Place a $10 Billion Bet in High-Priced Market
A small band of Wall Street skeptics are moving to protect their credit portfolios against a market priced like nothing in the economy could possibly go wrong.
Missing the Forest For the Tree: Lumen R4A Long-Term Capital Market Assumptions
While planning for a CMA (Capital Market Assumptions) at the close of the year—and in the wake of an unexpected U.S. election result—it’s tempting to adopt a short-term perspective, focusing on the uncertainties and anxieties generated by President-elect Trump’s policies and their potentially disruptive impact on the economy and the market.
Oaktree’s Howard Marks Says Don’t Expect Low-Rate Era to Return
Oaktree Capital Group LLC co-founder Howard Marks says investors who made a fortune in the era of easy money should not expect the same strategies to deliver such exceptional returns in the future.
The Price of Progress
We explore how evolving priorities under the new U.S. administration may influence markets and investor outlooks.
Not Time Yet for Stocks to Worry About Rising Rates
For stocks, Christmas came with a 'Santa Clause' rally soon after the election. Since then, there's been a correction in US markets.
Just How 'Rich' Is U.S. Credit?
When investors have been looking to allocate funds within the U.S. fixed income markets, credit has seemingly been viewed as being perhaps too “rich,” or expensive, in relative terms.
2025 Market Outlook: Rational Exuberance?
Investors, many of whom were worried about stock valuations before the election, have much to consider heading into 2025. There seems reason for some exuberance—but a rational exuberance, based upon a plausible foundation of corporate and economic health.
Tactically Bearish As Risks Increase
In last week’s discussion with Thoughtful Money, I noted that we are becoming more “tactically bearish” as we progress into 2025. While we have remained primarily bullish in equity positioning over the last two years, several risks are now worth considering.
2025 Credit Outlook: On Firm Ground, Despite Shifting Political Sands
New policies could disrupt markets, but high starting yields and strong demand for income should provide ballast.
Transforming 2024 Insights Into 2025 Action
Use this guide to transform our 2024 Retirement Insights into action in 2025, focusing on areas of plan design, tax credits and participant engagement. Our Mike Dullaghan shares the highlights.
Strategic Income Outlook: Magic 8-Ball Says, “Cannot Predict Now”
Although we are loath to make predictions, conditions appear to be favorable for fixed income in the coming year, and we think investors should consider adjusting their allocations accordingly.
Q4 Recap: US Growth Closes the Year on Top
U.S. equities closed 2024 on top and U.S. growth took back leadership from U.S. value.
Bond Investors Could Reap Rewards in the Long Term
Despite a lackluster 2024 for most bonds, investors with an eye on the long-term time horizon could reap future benefits.
European Fixed-Income Outlook 2025: Adversity, Uncertainty, Opportunity
European bond markets are climbing a mountain of worry. Despite the risks, history suggests a positive outcome.
Tech Investing in 2025: Emerging Trends and Market Opportunities
Gain insights into 2025’s top tech trends and market opportunities, and what experienced investors should consider for smart tech investments.
Fixed-Income Outlook 2025: Fertile Ground
Continued volatility, falling yields, and other expectations for the year ahead, plus seven strategies to take advantage.
High Hopes, Solid Grounds
We prefer equities over fixed income, in particular U.S. equities as the outlook for the U.S. economy is solid and promising.
For Emerging Markets, ‘Better Luck Next Year’ Is a Hard Sell
Emerging markets-focused investors have had little to celebrate over the past year.
High Yield Bonds Outlook: Taking the Scenic Route in 2025
Brent Olson and Thomas Ross, fixed income portfolio managers, believe that high yield bonds offer comfortable driving for now, but investors might need to negotiate more difficult terrain later in 2025.
Yield on the Table: Why Multisector May Make Sense in 2025
In his 2025 investment outlook, Portfolio Manager John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing.
Monthly Market Recap: Trumpmania 2.0
"Trump Trade 2.0" fueled U.S. equity and digital asset rallies, while real assets faltered under a strong dollar.
ETF360: Alex Petrone of Rockefeller Asset Management discusses RMOP
In the latest episode of ETF 360, Kirsten Chang was joined by Rockefeller Asset Management’s Director of Fixed Income Alex Petrone.
What’s Ahead for Fixed Income in 2025?
Portfolio managers and market strategists from Payden & Rygel review the opportunities and risks ahead for four bond market sectors: high yield, emerging markets, global bonds and low duration securities.
Yields and Credit Quality Make High Yield Bonds Attractive for 2025
We expect high yield bond issuers to maintain healthy balance sheets and defaults to remain low.
Seeking Sterling Bond Exposure? Look Beyond the UK
To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
2025 Annual Global Market Outlook: The Mechazilla Moment
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth. This achievement served as a powerful metaphor for the year: the improbable not only became possible but redefined expectations.
Bond Market Opportunities for Investors in 2025
We examine how a potentially complex bond market in 2025 could still offer opportunities in high-yield bonds, municipal bonds, and inflation-protected securities.
2025 Corporate Bond Outlook
Strong 2024 performance may be tough to replicate given tight credit spreads, but we still have a favorable view on corporate bond investments given the strong economy.
2025 Municipal Bond Outlook
We believe municipal bonds currently offer a compelling balance of risk and reward for investors in higher tax brackets.
Leverage And Speculation Are At Extremes
Financial markets often move in cycles where enthusiasm drives prices higher, sometimes far beyond what fundamentals justify.
Franklin Templeton’s 2025 Outlooks for Equities and Fixed Income Sectors
Five of Franklin Templeton’s specialist investment managers provide their annual outlooks for the global economy and key asset classes, including global equities; global fixed income; global infrastructure; the macro fixed income environment; municipal bond market; high yield bond market; small cap equities; U.S. dollar; U.S. economy; and U.S. equities.
Stocks Versus Bonds Dilemma Hits EM Traders as Trump Returns
Investors are scrambling to decide if Donald Trump’s impending return to the White House will sustain or derail the rally in emerging-market bonds witnessed under Joe Biden.
Credit Spreads: The Markets Early Warning Indicators
Credit spreads are critical to understanding market sentiment and predicting potential stock market downturns.
5 ETF Articles That Broke Through in 2024
Let’s take a look at five of VettaFi's articles that significantly resonated with the community in 2024.
Corporate Bond ETFs Are Fueling a Rise in Monster Block Trades
The boom in portfolio trading, where investors can buy or sell scores of corporate bonds with just a few clicks of a mouse, is fueling mega trades that were rare in credit markets just a few years ago.
CLO Default Rates Are Significantly Lower Than Corporate Default Rates
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities.
Outpace the Agg With EVTR’s Core Plus Bond Strategy
For investors looking to get ahead of the greater bond market, Eaton Vance's Total Return Bond ETF can do the trick.
What Retirement Plan Advisors Need to Know About In-Plan Retirement Income Solutions
It is important for savers to understand guaranteed and non-guaranteed options when looking at retirement solutions offered within a 401(k) plan. Our Mike Dullaghan shares the highlights and talks about the need for personalized strategies.
Opportunities Beyond the Traditional Bond Indices
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities which has worked well with periods of secular disinflation.
Income Fund Update: Navigating Rate Cuts With Flexibility and a High Quality Focus
We seek to capitalize on today’s attractive yields while staying mindful of economic and market uncertainties.
Balancing Risks as the Credit Cycle Turns
Balancing credit risk with interest-rate risk in a dynamically managed portfolio can be an all-weather approach.
Active Management Will Drive Muni Returns in 2024
Municipal bonds broke their winning streak in October, posting negative total returns alongside broader fixed income assets.
Fixed Income Survey 2024-2025: Cautious Optimism
U.S. rate cuts of up to 200bps are anticipated by the end of 2025 but with significant further downside if recession risks materialize.
Emerging-Market Corporates’ Most Underappreciated Quality? Resilience
Emerging-market (EM) corporates have a track record of resilience across market cycles.
Avoid These 2 Pitfalls In Fixed Income Investing
Recent insights from Natixis Investment Managers breaks down a few fixed income risks that investors may not be aware of.
Wall Street’s Higher-for-Longer Rate Brigade Plunges Into Loans
Investors are piling into US leveraged loan ETFs, betting that President-elect Donald Trump’s policies will potentially boost inflation and push the Federal Reserve to keep interest rates higher for longer.
Wall Street Bets on New Riches Ahead in Markets All-In on Trump
All year, a slew of Wall Street pros have questioned the durability of an indiscriminate risk rally that has fattened stock prices by trillions of dollars, sent Bitcoin soaring, fueled a credit bonanza, and more.
The Fed Acknowledges the Elephant in the Room
In the report, Global Head of Fixed Income Jim Cielinski and Head of Global Short Duration Daniel Siluk believe navigating the change in rate regimes has grown more complicated for the Federal Reserve (Fed) as they must now consider the ramifications of Donald Trump’s proposed economic policies.
The ETF Boom: What’s In Store for 2025
There’s a problem brewing in the world of ETFs: We are running out of ticker symbols. Bloomberg recently reported that, with so many new funds hitting the marketplace in recent years, issuers are forced to produce catchy four-letter ticker symbols rather than the more eye-pleasing three-letter abbreviations.
Credit Risk Drops in a Knee-Jerk Reaction to Trump’s Win
Credit risk fell in reaction to Donald Trump’s US presidential win, even though his presidency may be marred by tariffs and possible trade wars.
Empowering Change: The Role of Social Bonds in Promoting Gender Equality
Franklin Templeton Fixed Income believes investing in companies promoting gender equality and diversity can lead to inclusivity and strong financial returns. Despite the persistent gender gap, there's an increase in women in leadership roles, positively impacting financial performance, corporate governance and crisis resilience.
Election Promises Meet Reality
Brandywine Global: With the US election imminent, looking past heightened emotions and uncertainty to the potential economic and market impacts can be difficult. But election rhetoric eventually meets reality.
2024 Economic & Market Outlook: The Final Stretch
Here we are, another calendar quarter down with one more to go in 2024, and investors have yet to see a “hard landing” emerge.
Fade the Election – Part 2: Debt & Deficits
The most common questions we’ve been asked as the election approaches are generally about the Federal debt and deficits. Many investors worry about a looming “day of reckoning” for US debt. They fear the US’s fiscal imprudence will eventually force a sudden and dramatic repricing of US debt. In this insight, we explore the modern history of US debt to GDP across several Presidential administrations and outline why investors should not be worried about a financial apocalyptic abyss.
The Benefits of a Flexible Core
Investment grade bonds have long been synonymous with a “core” fixed income allocation, but we believe a flexible strategy also belongs in most bond portfolios, as managers can adjust their exposure based on market conditions.
Weird Things Are Happening in the Bond Market
The US presidential election Nov. 5 is shaping up to be the mother of event risks so you’d think the safest of all havens would be holding up. But it’s not — and that’s only one of the notable anomalies springing up in financial markets. Yields on 10-year US Treasuries have risen nearly 70 basis points since the Federal Reserve's punchy half-point initial rate cut on Sept. 17.
Capital Markets Outlook 4Q 2024—Normalization: Endgame
Normalization seems to be in its final stage, with the Fed expected to continue cutting rates.
How a $33 Billion Fund Manager Scored a Perfect Record Betting on Value
To those who argue that value investing has gotten too hard in today’s momentum-chasing, passive-driven world, Scott McBride’s results are a bit of a conundrum.
Vanguard Sticks to Higher-Quality Debt ‘Playbook’ as US Economy Expected to Slow
Vanguard Group Inc. sees more opportunities in the lowest rung of investment-grade bonds, even as spreads for triple-B notes reached their tightest since 1998 last week.
AI's Impact on the Surge of Nuclear Investments: Everything You Need to Know
Explore how AI fuels nuclear investments, drives energy demand, and attracts tech giants to nuclear power.
Investing in an Era of Flouted Rules
The tendency to blindly follow these rules has led investors towards prematurely de-risking and over-estimating the likelihood of recession.
Q3 2024: Shifting Tides: Broad-Based Optimism Fuels Market Momentum
Markets changed character to broad-based optimism relating to the economy. The economic picture began to come into focus with inflation continuing to moderate as the economy maintains steady growth and employment. The result was a stark turnaround for economically integrated or interest rate sensitive assets, which resulted in a great quarter for diversified multi-asset portfolios. New Frontier sets a major milestone in Q4, marking 20 years of investing at the end of October.
The Multifaceted Impact of Federal Reserve Easing Cycles on Financial Markets
Fed easing cycles and lowered target interest rates impact various economic sectors, such as mortgages, consumer credit and cash investments.
Fourth Quarter Strategic Income Outlook
Credit indices rallied during the third quarter, despite a variety of economic headwinds, and it appears FOMO (fear of missing out) is fueling the bullish sentiment more than fundamentals.
Q3 Recap: Value Begins to Take Leadership
Quarterly recap: Fed rate cut and Chinese stimulus take the spotlight.
The Alpha Equation: Myths and Realities
Alpha (α) is a fundamental yet poorly understood concept in finance. Simply put, it is the difference between the return of an investment and that of a risk-adjusted benchmark. In a more advanced definition, alpha is the residual in an asset pricing equation (see Appendix A). Alpha is what active managers strive to achieve and passive managers do not pursue.