An agile approach to credit – amid volatility and uncertainty
Unconstrained Credit
Beyond paper gains: the rising prominence of DPI and its focus on real returns
Fast reading In an era of higher interest rates, it has become increasingly difficult for general partners (GPs) to exit companies they bought during the bull market. Return estimates for PE portfolios have traditionally included the value of investments in companies that haven’t yet been sold or exited. These are typically evaluated using metrics such […]
Trump win sparks stock rally despite inflation fears
market snapshot
Engagement has a crucial role to play in the green transition
Fast reading Encouraging carbon-intensive companies to implement decarbonisation strategies is crucial to bringing down global emissions and supporting the transition to net zero. Investors are in an important position to affect real change among high-emitting companies through purposeful and effective engagement. The greatest potential for improvement lies with small- and mid-cap (SMID) companies, in our […]
Is the auto sector stuck in second gear?
Fast reading Q2 2024 results revealed a slowing demand for cars, especially in Europe and China, because of elevated interest rates and a soft economic environment. Automotive suppliers are more negatively impacted compared to their original equipment manufacturer (OEM) customers. Protectionist measures in response to the influx of cheap Chinese electric vehicles have created a […]
A guide to fixed income and the US election
Fast reading The race for the House of Representatives and the Senate is also too close to call. The uncertainty has prompted slightly more defensive positioning, at least in the short term. There is a decent cushion to total returns this year. The rate outlook and supportive fundamentals means this is unlikely to change, but […]
Do elections move markets?
US election years, such as 2024, tend to be good periods for small and mid-cap (SMID) investors as the higher relative domestic exposure of these companies (c.70-80% versus c.50% for the broader S&P) typically benefits performance. Presidential candidates across the political spectrum recognise that a strong economy wins votes and domestic smaller companies – the […]
Spectrum Q3 2024: Marvellous medicine
Fast reading While treatments for obesity have dominated the healthcare investment narrative over the past 18 months, they are by no means the only secular growth story. The life sciences industry may be equally well positioned to benefit from longer term structural trends. Biotech companies are innovating at breakneck speed, creating products and processes that […]
Global Equity ESG, H1 2024 Report
Fast reading Recent pushback against ESG integration is nothing new; meanwhile, progress on an ever more structured, rigorous approach to sustainable investing continues apace. Principal adverse indicators (PAIs) are useful metrics to demonstrate how investments can negatively affect factors relating to sustainability, from carbon emissions to human rights. We use PAIs to help us measure […]
Stocks edge upwards as looser policy looms
market snapshot
