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Thoughts from our investment professionals on the evolving state of global markets and the macro economy

December 01, 2022
Diesel Markets: More Pressure to Come

Diesel prices are likely to remain an economic headwind into 2023.

The Ukraine conflict and related Western sanctions on crude oil have been a focal point for investors, greatly affecting the global energy markets. However, we believe the more significant impacts have been to refined products, which are the finished goods of the oil industry, and specifically diesel.

Supply/demand dynamics for diesel have tightened and driven an extraordinary widening in the margin between prices for crude oil and refined diesel. Looking at the benchmark U.S. Gulf Coast diesel market, this difference ...

November 22, 2022
Semiconductors: Micro, but Mighty

As countries and companies race for dominance in 5G, we believe the semiconductor industry stands to benefit from strategic investment and policy support.

If data is, indeed, the “new oil”, then refining it into a useful resource is all about 5G networks. As countries and companies race for dominance in 5G, we believe the semiconductor industry stands to benefit from strategic investment opportunities and policy support.

Maintaining a steady supply of chips is now of paramount importance to national security, as a simmering tech war between the US and China—accelerated ...

November 17, 2022
Private Lenders Spy Opportunity

As banks have fled the syndicated-loan market, private lenders potentially stand to gain by picking up the slack.

What’s bad for banks may spell opportunity for private lenders: As rate hikes, geopolitical turmoil and slowing economic growth continue to stoke market volatility, banks that typically guarantee loan deals for private equity (PE) firms have retreated under a pile of unsold debt—thereby opening the door for private lenders to take significant market share in the coming months.

Issuance of both broadly syndicated loans (BSL) and high-yield bonds have fallen off a cliff...

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