Adjuntamos algunos informes de análisis y opiniones de nuestros gestores que consideramos de gran interés.

Please find below interesting market views from our Managers. We hope you find them interesting.

Weekly Briefing

US high yield spreads have rallied over 50 bps since the start of December 2019, ending at 349 bps at the close of the most recent trading day (January 22). Despite spreads compressing well inside of long-term index averages, we find valuations justifiable given solid credit metrics, limited credit losses expected over the next 12 months, opportunities for alpha generation given elevated dispersion, and protection in a suddenly acute or slowly drawn out yield-widening environment…

Coronavirus Contagion

Markets experienced an acute selloff on Monday, largely driven by investor fears that the coronavirus would threaten global economic stabilization. Spread widening in the US high yield market was ~ 65 bps in the five trading days ended January 27, pushing OAS back above 400 bps for the first time since early December ’19 (the period immediately preceding the market rally sparked by phase one of a US / China trade deal)…

Desayuno con Stewart AM (Tom Valenzuela, CIO and PM)

Fecha: jueves 27 de febrero de 2020, de 9.00h a 10.15h (recepción desde las 8.45h)

Lugar: Casa Club – c/ Pinar, 17 – (entre c/ María de Molina y c/ Pedro de Valdivia)

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