Securitized Products

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 short. This report also peels back the Public BDC onion and presents over/underweights across individual BDCs via our filtering methodology.

Also included at the end of this report is an updated presentation titled 'Private Credit: Drivers Of The Boom And Understanding Risks On The Horizon,' recently presented at GII’s Private Credit Roundtable in Australia. It features updated charts and additional analysis.

Our Portfolio Allocation Summary for May 2024.

In this report, we present our quarterly review of our Model Bond Portfolio. The anti-growth bias of the portfolio allocations hurt the portfolio performance in Q1/2024 as global growth surprised to the upside. However, we anticipate some recovery of the underperformance in our base case scenario for the next six months.

Our Portfolio Allocation Summary for April 2024.

A risk/reward ranking of the 10 major US investment grade corporate bond sectors.

Our Portfolio Allocation Summary for March 2024.

We rank the US spread sectors in terms of risk versus reward.

Our Portfolio Allocation Summary for February 2024.