Als het om pensioenen gaat, is de rente allesbepalend. Wat gebeurt er op rentegebied, wat te doen bij stijgende/dalende rentes, hoe zit het met de reële rente en wat zijn de laatste inzichten op gebied van matching en vastrentende beleggingen?
Investors are increasingly worried about the growing size of the BBB-rated corporate bond market, the lowest tier of investment grade (IG) debt. The risk is that much of this segment could be downgraded to high yield (HY) when the next
Core Matter – Almost ten years of record low interest rates have raised leverage in the non-financial sector as well as investors’ tolerance for riskier and less liquid instruments. As a result, the average quality of corporate debt has worsened.
Since early 2016, US HY default rates have experienced a sort of “mini –cycle”, peaking at the end of 2016. Nevertheless, the recent rise and fall movements appear mostly commodity driven: default rates would have remained fairly stable if energy
Asset Allocation at the tail end of an Equity Cycle Preparing for the Next Crisis Although many people in the financial markets will agree that we are getting close to overheating of the economy, there is little we can do to
Macro/government bonds It has been a busy couple of weeks in terms of economic data releases, though core government bond markets have not moved appreciably on this type of news. Rising trade tension rhetoric between the US and China, as
The consensus recommendation for Fixed Income is underweight for almost 7 years! Just 3 out of the top 10 asset managers are overweight now! Read the Aegon Asset Management, NN Investment Partners and JP Morgan reasons at www.opiniopro.com
Global markets and multi-asset portfolios An overweight to extended credit markets, particularly U.S. high yield, is our preferred method for taking risk in many of our portfolios today. This is somewhat at odds with historical performance—credit markets have not generally
Fixed Income Monthly Government bonds fell in February, defying disappointing economic data. Yields tracked modestly higher, although failed to keep pace with the recovery in equities and risk sentiment. Led by UK Gilts, most developed markets saw yields rise over
Introduction US High Yield (‘HY’) corporate bonds are often included in asset allocation models given their idiosyncratic return profile relative to other fixed income strategies. Historically, HY bonds have allowed investors to capture a credit risk premium that, while positively
The US high-yield market has suffered ten peak-to-trough losses greater than 5% in the last 20 years. On average, investors recovered their losses in only four months—and sometimes as few as two. Following the longest and largest drawdown of –35%,
Weekly Bond Bulletin European high yield has started the year in good spirits, supported by attractive valuations, robust credit quality and positive technicals. But with global growth momentum slowing, will the credit party continue?
One year ago we expected in our base case scenario a total return of 1% to 2% for the European HY market for 2018 with some moderate spread tightening. We were clearly wrong with our base case forecast as the
Investment Insights With the US economy now in its ninth year of expansion, pressure from higher interest rates, future US Federal Reserve (Fed) rate hike expectations and concerns around tariffs and trade wars have been weighing on the majority of
European high yield (HY) has been a much-overlooked asset class recently but is it time for investors to pay attention? The reach for yield from other quarters pushed European HY bond valuations, in many cases, to uncomfortably tight levels. In
Maandjourmaal Het tij zit mee voor hoogrentende bedrijfsobligaties, ofwel ‘High Yield obligaties’. Deze categorie bedrijfsobligaties kent een relatief hogere coupon dan reguliere bedrijfsobligaties. Uiteraard hoort hier een hoger risico bij. Echter, de macro-economische cijfers zijn nog steeds goed, de wereldwijde
Investment Monthly Professional We remain overweight global equities and local-currency emerging market (EM) government bonds. We also retain our underweight stance on developed market (DM) government bonds, and our neutral view on global investment-grade (IG) and high-yield (HY) corporate bonds
Key takeaways We move from underweight to neutral on US investment-grade (IG) and high-yield (HY) corporate bonds, resulting in a move from underweight to neutral for global IG and HY corporate bonds. We also move from underweight to neutral on
U.S. high yield has performed well this year, delivering positive returns at a time when other fixed income sectors, such as Treasuries and investment-grade credit, have declined. The good performance has occurred even while money has been flowing out of
Global Fixed Income Bulletin The main trends in asset performance year-todate have been generally weak risky asset returns, outperformance by U.S. assets and the USD, weakness in emerging markets (EM) and higher oil prices. Most of these have been driven
Where are we in the credit cycle? Most people consider us to be in the later stages of the credit market. That being said, we are at a point where I don’t see us running into a recession in the
A confluence of factors looks set to make the European high yield (EHY) sector ripe for investment. Strong credit fundamentals, a benign macroeconomic environment and a glut of new issuance present a host of attractivelooking opportunities for investors in the
In our view, there is enormous value in having the flexibility to take a global approach to high yield investing. For short-dated high yield funds, we believe that too many funds are constrained to investing in Europe only, which, as
We believe the high yield market can provide compelling investments within most stages of the economic cycle and that not having exposure can represent an opportunity cost to a portfolio. In our November 2017 paper titled “The State of High
Currencies: Us Dollar Bar For Us Fx Intervention Remains High -> https://t.co/2ny01nTS55 #currency #China #tradewar via @PictetWM @PictetAM_NL
Long-term Equity Investments under Solvency II -> https://t.co/MDJWukfKfB #solvency2 #equity #europeancommission via @DWS_Group
2nd Quarter 2019 – Market Review and Outlook -> https://t.co/hrrxSjI1xr #outlook via @pgim
Blitzscale and Hope: Unicorns, IPOs and the Fear of Repeating the Late 1990s -> https://t.co/N6TXHvJWCS #unicorns #IPO via @epochinvest
Women in Private Equity July 2019 -> https://t.co/2M9Q2MOoyS #PrivateEquity
