Manager Views – Marzo 2020
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.
Pricing Default Risk (Weekly Comment from April 13th)
Default rates among US high yield issuers ticked up modestly in March, but our internal projection model and a rapid increase in the amount of distressed securities (bonds trading wide of 1,000 bps) in the index point to a more material rise in bankruptcies through the balance of he year. In this Weekly Briefing, we revisit our 2020 default estimate, and identify sectors with, in our view, mispriced risk …
Crossing the Line
Has central bank interference in capital markets gone too far? Thursday’s announced extension to the Fed’s corporate bond purchasing programme to include fallen angels and high yield ETFs marks a truly astonishing development. Perhaps even calling into question the role of capital markets within the economy itself …
More FED Support
The Federal Reserve today announced a number of new and expanded programs to provide up to $2.3trln in loans to support the economy. The measures include $600bln for the highly anticipated Main Street Lending Program, which will provide four-year loans to small- and mid-sized businesses (employing up to 10,000 workers or with revenues less than $2.5B). Also announced was $500bln Municipal Liquidity Facility for state/local governments …
Chief Investment Officer’s Q1 2020 Letter
The viral pandemic is exacting a terrible human toll. Our thoughts and prayers go out to those struck down by this dark plague and the millions of health care workers who face it every day. Understandably, commercial and financial activity has begun to slump. In response, stock markets throughout the globe have suffered. In the quarter just ended, the S&P 500 Index has lost 19.60% of its value, while our Flagship portfolio declined by 13.54%, net of fees …
Iapetus Investment Sicav – Notas del Gestor
Nuestro posicionamiento no cambia, mientras estamos a la espera de resultados empresariales: (i) No va a haber recuperación en “V” y la recuperación en sectores directamente afectados (turismo, restauración, ocio, transporte aéreo y energía) va a tardar muchos meses. Pensamos que probablemente hasta la aparición de vacunas o tratamientos eficaces; (ii) EEUU va por delante en su implementación de medidas económicas, pero por detrás en medidas de prevención de contagios …
Comparing Timberland and Infrastructure Investments in a Real Assets Portfolio
Infrastructure is a real asset class that has garnered a lot of attention among investors in recent years. Institutional investors, such as pension funds, charitable foundations and university endowments, are particularly attracted to infrastructure’s long-dated contractual sources of income, which can be a good match for their long-term liabilities. The young asset class, which only emerged as an option for institutional investors in the early 2000s, offers compelling risk-adjusted returns that are competitive with more-established real asset sectors, like commercial real estate, timberland and farmland.
The Impact of Coronavirus Pandemic on Timberland Investments
The pandemic outbreak of the novel coronavirus, COVID-19, has taken a significant human toll across the world. It also has upended the global economy and disrupted markets. The timberland investment sector is not immune from the pandemic’s impacts. In this market brief, Chung-Hong Fu, TIR’s Managing Director of Economic Research, offers a concise assessment of the ramifications of COVID-19 on the timberland asset class from a North American perspective.
Aviso Legal: Los comentarios recogidos en el presente documento no representan asesoramiento financiero alguno y su uso es meramente informativo. Es posible que los comentarios aquí expresados no sean aplicables a su perfil de inversión o a su situación patrimonial personal. En caso de duda, le recomendamos contactar con un profesional financiero.