Sharing our convictions

With headlines suggesting that deposit outflows in the banking sector are causing concern, Felipe Villarroel looks at the data which suggests that European banks remain resilient.

For a single company, supply chain oversight can be complex. For professional investors with multiple companies in their investment portfolios, this task can become massive. Complexity, however, is not something to hide behind.

After a volatile few days in bank capital, Felipe Villarroel looks at how AT1s are pricing after the sell off.

2022 was the worst year for bonds in living memory. So, could 2023 be similarly bad for other asset classes? Chris Bowie looks at the case for short dated investment grade credit for 2023.

Given the recent headlines surrounding Credit Suisse and the decision from FINMA, the Swiss regulator, to write down CHF16 billion of Credit Suisse’s Additional Tier 1 debt to zero, we hosted a webinar looking at the possible wider implications of this write-down and what it could mean for fixed income investors.

Swiss regulators' decision to bail out Credit Suisse equity holders while wiping out AT1 debtholders will see long-term effects on bank debt markets and likely legal action says Eoin Walsh

Partner Eoin Walsh explores what the potential outcome of regulatory intervention for Credit Suisse could mean as negative headlines persist for the bank.

With the collapse of Silicon Valley Bank dominating media headlines and fueling questions among investors, Mario Montagnani explains why our Multi Asset Boutique believes it is a company-specific, isolated case.

Deposit outflows at Silicon Valley Bank raise concerns over lending quality and mark-to-market losses, but is this a wider issue for the global banking sector?

Inflation may be like gum on your shoe – annoying and, above all, hard to remove. Sticky inflation is a scenario that has been in the cards for quite a while already but now seems to receive more weight as a probable outcome. There are six reasons for this display of stubbornness which may disappoint those who thought inflation would come off easily.

European ABS proved to be a valuable allocation for fixed income investors last year and we think the asset class looks to be even stronger in 2023, with rates and spreads combining to create an attractive income landscape.

With 2023’s rally halted by the Fed’s hawkish messaging, Felipe Villarroel questions whether markets read the recent jobs data correctly and looks at what it means for terminal rate expectations.

ESG research is an extension of our philosophy of long-term thinking and fits seamlessly into our existing research process. We focus on material issues rather than broad ESG scores, which enables us to understand and get ahead of risks that can jeopardize earnings predictability.

When comparing the earnings trajectory of emerging markets corporates with that of their developed-market counterparts, many investors consider this a lost decade. Are emerging market stocks now set to bounce back?

What’s behind the demands for unions globally? When are higher wages a threat to the bottom line? And which companies are best placed to manage the risk? In his back-to-basics blog on organized labor, Sudhir Roc-Sennett answers these critical questions for investors.

Luc D’hooge, Head of Emerging Markets Bonds and Wouter Van Overfelt, Head of Emerging Market Corporates, provide a review on the developments in 2022, the current positioning of the strategies as well as an outlook for 2023.

Strong performance across markets in January has left some investors feeling they’ve missed out on the rally in bonds. No need to worry, says Felipe Villarroel.

In our view, European credit now represents a strong medium term value opportunity that investors cannot afford to ignore.

2022 was a stormy year for bonds. As 2023 gets under way, our Fixed Income Boutique heads predict whether bonds are set for a smooth touchdown or a bumpy landing amid the continuing headwinds in the global economy.

High yield markets entered the year at an attractive entry point and investors can enjoy the power of high carry with still solid credit fundamentals. Turning the page on a challenging 2022, the Global High Yield Bond team is hopeful 2023 will be a fortunate year for many things, especially income.

As China readies for the Year of the Rabbit, there are several causes for celebration, says Fixed Income Boutique Credit Analyst Cosmo Zhang. Economic recovery could come earlier and stronger than expected in the first quarter of 2023, as mobility and supply chains return to normal despite a Covid surge.

TwentyFour Portfolio Manager, Jack Daley, discusses how the short term bond strategy has performed in Q4 2022 and provides his outlook for the new year.

A member of our Multi-Sector Bond discusses market conditions in Q4 2022.

TwentyFour Partner and Portfolio Manager, Douglas Charleston, describes the developments of the ABS market in Q4 2022.