Discretionary

What were the key findings of a surprising Q1 earnings season? And why confidence and constant reinvestment matters most in a complicated macro environment.

We discuss the similarities, differences and opportunities in Collateralised Loan Obligations and Credit Risk Sharing.

After recent turmoil in the sector, what do bank creditors need to know now?

Given the recent negative sentiment surrounding the financial industry globally, are there any short- or long-term opportunities that remain in the Japanese financial sector?

We expect dispersion to accelerate as growth slows and winners and losers bifurcate, so favour remaining selective in our credit exposure.

Navigating narrative rotations is the challenge ahead; we have upgraded our outlook on Credit Long/Short strategies and downgraded Macro Quantitative.

While we see rich opportunities in specific sub-geographies, we do not expect UK residential real-estate capital values in aggregate to keep pace with inflation.

What do recent events in the banking sector mean for investors in credit risk-sharing transactions?

Higher yields but the potential for further spread dispersion in the global investment-grade index make credit selection crucial, in our view.

Much recent fearmongering about banks ignores the value of their deposits. We explain why that is at best inconsistent – but also not cause for complacency.

Concern about bank solvency began focused on the US, but the selloff extended to Europe and Japan too. Are the worries justified?

A years-long effort to improve corporate governance in Japan has met with limited success. However, that may all be about to change, benefiting Value stocks in particular.