Fixed Income

The year 2018 will go down in the history books as one of the most challenging we have faced in recent times, with price action in the fourth quarter being particularly brutal and difficult to respond to. When we wrote our outlook for 2019 at the start of December, we were reasonably cautious and felt it possible that prices could dislocate from fundamentals during the year, if markets started to price in the increasing likelihood of a more meaningful downturn or recession in 2020. We were not expecting this to happen in December, but it did, and it has left investors wondering whether this is the beginning of the end of the cycle, and whether months like December will be commonplace in 2019.

Ben Hayward looks back at performance for Asset-Backed Securities and provides an outlook for the rest of 2018.

Gary Kirk discusses the Strategic Income strategy performance for the last quarter and provides his outlook for the rest of 2018.

Chris Bowie looks back at the performance of the Outcome Driven strategy over the last quarter and provides his outlook for the rest of the year.

Ben Hayward looks at the Q2 performance for Asset Backed Securities and provides an outlook for the year ahead.

Chris Bowie looks at the performance of the Outcome Driven strategy over the last quarter and provides his outlook for the rest of 2018.

Mark Holman discusses Q2 performance for the Strategic Income strategy and looks forward to the rest of the year.

We woke today to the ironic news that on the same morning that Greece struck a deal with Eurozone authorities to ease its repayment obligations, another borrower, who also manged to ease its obligations a few years ago, has now decided to return to the markets with a new issue.

Gary Kirk discusses Q1 performance for the Strategic Income strategy and looks forward to the rest of the year.

Chris Bowie looks at the performance of the Outcome Driven strategy for Q1 and provides his outlook for the rest of the year.

Ben Hayward looks at the Q1 performance for Asset Backed Securities and provides an outlook for 2018.

As bond investors we always need to make sure that the companies we invest with are managing our interests alongside those of other stakeholders in a manner that protects our interests sufficiently. Historically, this aspect of governance has been most relevant to companies run by private equity managers or companies with a single large investor who is in a high ranking executive position.