Unlocking Value In A Dynamic Credit Market

Navigating the changing environment for credit investing and how our strategies seek to add value in a wide variety of investor circumstances.

The last 15 years have presented many challenges to investors in the form of a global financial crisis, a pandemic, the threat of major sovereign default and armed conflict. As these global episodes have come and gone, our experience proves that we have to look beyond near-term cycles and stay true to a consistent philosophy to generate attractive long-term return-potential for investors. To remain relevant, we must look forward to the future.

We believe the most important trends for fixed income markets in the last two decades have been the move to zero (or near zero) interest rates and subsequent exit, influenced by the shocks above. For many years, the move toward zero interest rates was a tailwind to fixed income returns. However, this reversed quickly in the inflationary, post-pandemic world as central banks sought to