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

January 27, 2023
Private Placement Market Outlook

With private placement markets having finished another strong year in 2022, we review key themes and offer our outlook for 2023.

The private placement market had a productive 2022, with close to $100 billion in volume across several hundred issuers from a global universe, according to Private Placement Monitor.

The market opened 2023 in strong fashion with a flurry of activity in just the first two weeks. We believe the more stable rate and spread environment relative to 2022 will likely support opportunistic issuance and bring back some of the issuers that stayed on the sidelines during the...

January 26, 2023
Agency MBS: Positioning Your Portfolio for 2023

In a post-QE4 higher-mortgage-rate environment, we think construction of an Agency MBS allocation should focus on two major themes.

In the aftermath of the large Federal Reserve bond-buying program and low interest rates of QE4, and the subsequent realignment to much higher nominal interest rates with monetary policy shifting to fight inflation, the Agency Mortgage-Backed Securities market finds itself with two prominent opportunities to capture value.

The first opportunity is a more traditional one—buying current-coupon MBS.

January 24, 2023
Healthy Outlook for Therapeutics

With Big Pharma relatively well-capitalized and in a deal-making mood, we see the potential for a rebound for small- and mid-cap stocks in this innovative sub-sector.

Therapeutics stocks—under the weather for two years as macro headwinds have punished longer-duration investments—now appear poised for a potential recovery.

We believe therapeutics is a diverse and dynamic industry brimming with intriguing business models and underappreciated catalysts capable of generating significant alpha. Here are just few trends that could soon swing the momentum in investors’ favor:...

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