Managers’ View – Agosto 2019

16 Sep 2019

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 September 2nd

After a brief summer hiatus, we resume our Weekly Briefing with a focus on forward positioning in light of year-to-date market performance. In particular, we examine the staying power of an up-in-quality / long duration trade that has dominated high yield returns in 2019, and identify sector opportunities amidst the backdrop of an inverted yield curve. The US high yield bond market (using the ICE BofAML US High Yield Index, ticker H0A0, as a proxy) has tightened ~114 bps thus far in 2019…

LEER MÁS

Weekly Briefing September 9th

Stable credit fundamentals and positive technical tailwinds have served to bolster sentiment for US high yield bonds, particularly
strategies that focus on the shorter duration part of the market. As such, we remain constructive on the asset class despite spread tightening thus far in 2019. At the same time, we recognize that some competing strategies – most notably EM short duration high yield – have offered similarly attractive returns for investors over the last several years. In this overview, we compare US and EM short duration high yield in the current market environment…

LEER MÁS

Rubrics Q3: Fear of Fear Itself

Financial markets can often provide an accurate representation of our collective emotional state. Within this it is often the bond market that acts as the medium through which the market expresses this emotion. It is instructive then to note that US bond yields have retreated to the
same levels they were at prior to Trump’s presidential election. But what a difference in outlook between now and then. Casting our minds back to 2016, optimism was rife at the prospect of fiscal stimulus and the knock-on impact on growth and inflation…

 

FORT Investor Day 2019

FORT’S leadership team will facilitate discussion and debate on a variety of timely topics, including: The efficacy of trend strategies in today’s markets, applications of machine learning in systematic investing, the evolution of systematic investing over the past several decades…

 

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.

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