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Author Archive for Adam Smears


Year-end fixed income survey 2018: Opposing viewpoints from global credit and interest rate managers

Global Fixed Income Survey

Throughout the year we ask leading bond and currency managers to consider valuations, expectations and outlooks for the coming months. Today, we’ve put the spotlight on the U.S. yield curve, high yield credit fundamentals and emerging market FX.   Opposing viewpoints from global credit and interest rate managers   For some time now, we have

October 24, 2018 Categories: Investment Strategy, Market insights
Unconstrained

Unconstrained bond investing – an introduction

Unconstrained bond investing strategies can provide a solution for today’s investors and tomorrow’s liabilities. Here we outline what unconstrained investing strategies are, and why investors should consider them now.   Why unconstrained investing?   Returns, drawdown protection and governance In the face of unwinding fiscal stimulus and continued high valuations, investors face a great challenge

Jun 21, 2018 Categories: Fixed Income, Investment Strategy
Global Fixed Income Survey

Q2 Fixed Income Survey – the U.S. growth domino effect

Throughout the year we ask leading bond and currency managers to consider valuations, expectations and outlooks for the coming months. Today, we’ve put the spotlight on U.S. rates and inflation expectations, credit markets and casualties from rising U.S. interest rates.   The domino effect   Over 2017, we highlighted the dichotomy between interest rate managers’

Jun 14, 2018 Categories: Fixed Income
Global Fixed Income Survey

Q1 2018 Fixed Income Survey: Expectations for rising rates, volatility, and emerging markets

The dichotomy between views from interest rate managers and credit managers continues. In this survey, rates managers have blinked first. This quarter’s survey closed right in time for the recent market sell-off, thus managers did not have the benefit of hindsight with regards to market repricing. Nonetheless, the results continue to provide valuable insight. Previously,

Mar 1, 2018 Categories: Fixed Income, Investment Strategy
Global Fixed Income Survey

Quarterly Fixed Income Survey: September 2017

On the basis of this quarter’s results, it is clear that the dichotomy between what the credit market expects versus what the interest rate market expects, continues. We recommend that investors clip the coupon in credit, but maintain some dry powder for more opportunities ahead.   It’s been a year since we began surveying our

Oct 12, 2017 Categories: Fixed Income, Investment Strategy
Global Fixed Income Survey

Fixed Income Survey Results: Spotlight on Local EMD, Rates & Credit Spreads

Last October we initiated a quarterly global fixed income survey using responses from leading bond and currency managers highlighted by our research process. This quarter’s survey included 165 responses from managers with specialisms ranging across Global Rates, Global Investment Grade Credit, Global Leveraged Credit, Securitised, US Municipal Bonds, Active Currency, and Emerging Markets (EM) including

May 12, 2017 Categories: Investment, Investment Strategy, Markets

Seeking return from fixed income: credit where credit’s due

Investors are struggling. High valuations and low interest rates make both equities and government bonds prospectively riskier and less rewarding. The search is on for alternative approaches and more flexible outcome-oriented strategies. Credit can play an important role in this search, but investors need to understand the characteristics of credit risk and where it fits

Sep 6, 2016 Categories: Investment, Markets

Have Bond Managers formally integrated ESG into their investment processes?

Environmental, Social and Governance (ESG) factors are a hot topic for equity investors. But for bond investors, there is some uncertainty over how much efficacy ESG factors really have, and whether there is a good way to integrate them. In my role as global Head of Fixed Income research, my core mission is to ensure

Nov 11, 2015 Categories: Investment, Investment Strategy, Markets

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