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      • Are You Getting the Right Non-US Exposure?

        24 September 2021   |  

        Tepid economic growth in the post financial crisis decade left investors searching for companies that could stand out from the market by disproportionately growing their profits. The technology-centric US economy became the preferred destination for capital, with profit growth far exceeding its non-US peers (Exhibit 1). This rise in profits combined with more multiple expansion drove US equities to deliver over 600bps of higher annual returns and higher returns on equity (Exhibit 1). That said, it might be appropriate for investors to sharpen their pencils and give their non-US equity exposure a closer look given the price being paid for US profit growth appears a bit stretched today, and past performance is not indicative of future results (Exhibit 2).

      • Revisiting Bond vs Loan Relative Value

        13 September 2021   |  

        Opportunities to capture additional yield by moving up in quality are uncommon for fixed income investors, but that’s the dynamic at play today in leveraged credit.