Insights & News

24 Commentary

  • Fixed Income Market Update – 28 February 2017

    Market Commentary February quite simply was an extension of the same trends that we experienced in January, with strong market technicals prevailing which allowed risk assets to continue their strong start to the year. On the economic front the global data continued its gradually improving trend which is supporting investor sentiment and, for now, allowing investors to overlook the raft of political uncertainty that lies ahead. At the bottom-up level, […]

  • Investor update – February 2017

    Portfolio Commentary Fresh credit supply into the UK and Europe remained light in February, which combined with the backdrop of investors still favouring these sectors, meant that the technical position remained strong. The portfolio remains very well positioned to benefit from this trend, especially in the strongest performing sectors of bank capital, CLOs and high yield. Despite this, the portfolio managers felt it was prudent at the beginning of the […]

  • Investor update – January 2017

    Portfolio Commentary With the strong technical backdrop and expectations of the US credit cycle extending on the back of Trump’s fiscal policies, the portfolio managers kept the risk bias in place but took the opportunity to adopt a slightly more prudent stance with focus on shorter dated credit risk and keeping the duration of the fund relatively low at 3.07yrs. The risk-off element of the portfolio remains a challenge, and […]

  • Investor update – December 2016

    Portfolio Commentary With the uncertainty of the US presidential election and the Italian constitutional referendum the portfolio managers adopted a prudent stance with a relatively high cash balance (circa 10%). However, as mentioned above, the impending market moves following the political results and the lack of new issuance resulted in a degree of frustration as suitable secondary offers were scarce. The portfolio managers did, however, increase the holding of subordinated […]

  • Fixed Income Market Update – 31 December 2016

    Market Commentary Despite the widespread media predictions of panic and uncertainty in the aftermath of Donald Trump’s victory, market sentiment in December was positively upbeat. A combination of strong market technicals, high cash balances and President-elect Trump’s campaign pledge of a raft of fiscal expansion projects in the US, all helped to tighten credit spreads across most sectors.  It seemed investors were long cash in the run-up to the US […]

  • Investor update – November 2016

    Portfolio Commentary The correlation breakdown that was experienced in October continued into November, and with the threat of a Trump victory, the PMs decided to further cut the rates exposure in the Fund. The European government positions were taken to zero and the US Treasury positions were cut to 3%.  Some selected credit positions were increased, but generally the proceeds from the sales sat in cash, awaiting a better point […]

  • Fixed Income Market Update – 30 November 2016

    Market Commentary By far the most dominant theme in markets for November was the US Presidential election, with a surprise victory for Donald Trump. The key theme for fixed income markets quickly became one of fiscal expansion, which when placed on top of highly accommodative monetary policy, was deemed by the markets to be inflationary.  The consequence of this was a repricing of the risk free rate across the globe. US […]

  • Investor update – October 2016

    Portfolio Commentary The lack of a reliable risk-off sector remains a challenge for investors and with rates being held artificially low, this has compounded the dilemma. With this current breakdown in the correlation of risk-on and risk-off assets, and the general uncertainty surrounding UK gilts, the Portfolio Manager’s took the decision to cut the allocation to zero during the month. However, with the year-end fast approaching and a number of […]

  • Fixed Income Market Update – 31 October 2016

    Market commentary October was a challenging month for fixed income investors with macro-economic and political events adding to the uncertainty. In the US the economic data showed some signs of improvement but not enough to suggest that a hike in Fed funds was a nailed-on certainty ahead of the year-end. Purchasing Managers’ Index (PMI) data and factory orders were supportive early on in the month, although Nonfarm payrolls (NFP) softened […]

  • Investor update- September 2016

    Portfolio Commentary As reported previously, UK gilts enjoyed a strong rally over the summer taking yields to unprecedented levels, hence the PMs took profits on the majority of the holding, preferring the short-term technical backdrop for UST following the decision by the FOMC to hold back from further hikes. The PMs also decided to take profit on the small holding in Spanish government bonds until the political stalemate is resolved. […]





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