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Growth Team Weekly Investment Insights
After a few weeks off due to vacation and working through the quarter-end rush, we are back.
1 - Deflation
Starting at a higher level, there has been a lot of data released over the past few weeks that point to a macro environment of slowing inflation and a slowing (albeit still strong) economy.
The Dog Days of VRIs
Value Recovery Instruments (VRIs), also known as warrants, are instruments that provide contingent payouts to creditors under specific scenarios. They are typically structured as call options or warrants that are tied to a state variable (such as GDP or exports), which is strongly correlated with the borrower’s ability to repay debt.
Often seen as deal “sweeteners”, VRI’s expedite debt restructurings by helping bridge the expectation gap between creditors and debtors.
Public vs Private Credit: Golden Age, or Fool’s Gold?
One of the most widely debated investment topics in recent years is the rise of private credit, in particular the growth of the sponsored direct lending sector. We discussed our team’s view on this topic at our recent 2024 Artisan Investment Forum, diving into the drivers of growth across public and private credit along with key considerations that investors should bear in mind when allocating to credit markets in today’s investing environment.
Global Perspectives on the US Construction Boom
Benefiting from over $1.2 trillion in government-backed stimulus and a post-COVID economic recovery, many investors may not be aware of the substantial surge in US construction spending, particularly in manufacturing.
French Snap Elections
Following the strong performance of far-right National Rally (RN) in the European Parliament elections earlier this month, President Macron and his centrist Renaissance party raised the stakes in French politics by calling for snap elections of the lower house of the French parliament on June 30, with runoffs on July 7.
Growth Team Weekly Investment Insights
1. Unchanged Inflation
The latest consumer price index (CPI) data released for May indicated prices were unchanged versus April!
Growth Team Weekly Investment Insights
1) Conflicting Labor Market Results
Last week, we received two labor market data points that were largely contradictory.
Coalitions, Compromises, Continuity, Chaos
Elections offer citizens the opportunity to turn the tides by prompting political, economic and social reforms. In the past week, the global stage witnessed the unfolding of three distinct electoral contests across various regions, each yielding results that may redefine the trajectories of the respective countries.
Growth Team Weekly Investment Insights
1) Data Shows US Economy Avoids Inflationary Overheating, Fed Likely to Breathe Easier
As we bid farewell to May, the key reaction was a collective exhale of relief
Documenting Your Dollar