We calculate expected returns for several different US fixed income sectors with a focus on how municipal bonds stack up against the investment alternatives.
Our Portfolio Allocation Summary for July 2024.
Corporate and junk bonds are the fixed-income sectors that are most exposed to an economic downturn. We’ve highlighted that markets continue to price in a Goldilocks scenario, with spreads narrowing despite ongoing…
Our Portfolio Allocation Summary for June 2024.
We are positive Private Credit but currently underweight Public BDCs. Today’s market pricing and sentiment in BDCs are excessively optimistic. Long-term investors should await a better entry point. Traders may find an attractive…
Credit spreads continue to price in a Goldilocks scenario. US investment grade and high-yield OAS have tightened 41 and 137 bps from their October peaks, resulting in handsome outperformance by both sectors relative to duration-…
Our Portfolio Allocation Summary for May 2024.
Our Portfolio Allocation Summary for April 2024.
US Investment grade and high yield spreads have tightened 39 and 133 bps since their October 2023 highs, resulting in the outperformance of both fixed income sectors relative to equivalent-duration Treasuries. Still robust…