Search this website. You can use fund codes to locate specific funds

Focusing on the evidence: 360°, Q4 2021

What is our current view of fixed income markets? And where do we see the best relative value? In our latest edition of 360°, Andrew 'Jacko' Jackson and his team of specialist investors consider the areas that have the potential to deliver superior risk-adjusted returns.

Much has been written about structured credit over the past two decades. In particular, several excellent books were written (and movies made) about its role in the global financial crisis. It's important to remember, though, that no matter how good Christian Bale's acting is, most of us don't really believe Batman fights crime in Gotham City. Nor should we believe that everything we've seen or read about structured credit is an accurate depiction of what happened - much less that it should it be applied to the whole asset class.

Our view remains that structured credit benefits from its rather unloved status, that much of the antipathy towards it is unwarranted and that allocating capital to it rewards hard work and rigorous analysis. With that in mind, we have devoted a more significant part of this 360 to this asset class.

Spotlight on structured credit: issues in focus this quarter

In this issue of 360°, we also take a closer look at:

  • Fundamentals: supply chain disruption is acting as a drag on earnings recovery for corporates
  • Valuations and technical: the risk of EU issuance in Europe and emerging markets
  • Sustainable fixed income: why financial inclusion is an economic opportunity for all

Read the full report for a more comprehensive picture.

Archive: previous editions of 360°

As fixed income markets have moved through the economic cycle, our thinking has also developed – take a look at some of our previous reports to see how the investment landscape has changed over the past year.

More Insights

Five Federated Hermes funds awarded Austrian EcoLabel
Five of the firm's funds have been awarded the Austrian Ecolabel
Spectrum Q2 2022: Investing into the aluminium paradox
In this latest edition of our quarterly Spectrum report, experts from Federated Hermes consider the question of aluminium. The lightweight metal will play a crucial role in the energy transition but will need to address its own carbon footprint first.
Climate Change High Yield Credit strategy, interim report 2022
In this inaugural report, we delve into what makes the Federated Hermes Climate Change High Yield Credit strategy unique. As well as introducing our process and team, the report provides an overview of our proprietary Climate Change Impact (CCI) score, complete with portfolio examples to illustrate the scoring system in practice.
Federated Hermes Stewardship Report 2021
At Federated Hermes we believe the investment industry can be a powerful force for good, building a fairer, more equitable world for all – and that active ownership and engagement is the best way to achieve this. In this, our second annual Stewardship Report, we provide an update on our efforts towards effective and outcomes-driven stewardship.
The chimps are coming
The public art exhibition Chimps are Family, unveiling on Endangered Species Day (Friday the 20th of May) at Tower Bridge, sets to create awareness around the plight of the endangered apes.
Market snapshot: Slowdown fears send equities spinning
Stagflation concerns continue to mount, with investors piling into cash positions as the global growth outlook plunges.