Alex Mackey of MFS delved into the active bond strategies underpinning MFSB and MFSM in the recent Q1 2025 Fixed Income Symposium.
Adding cash-flow-matched bond strategies to a total return strategy appears to improve total return relative to risk by reducing the likelihood of poor outcomes.
Some allocators may focus their search efforts on corporate credit segments or simply a portfolio that can opportunistically trade across fixed income sectors.
In today’s era of automation, some situations demand a more active approach. Municipal bond investing is one.
The best performing US blue-chip bond funds of 2024 are sticking to their winning playbook: investing in debt from riskier blue-chip companies, as well as firms that can handle economic turbulence — and avoiding corporations sensitive to interest-rate risk.
Raymond James CIO Larry Adam looks at how the proposed tariffs may impact the economy and financial markets.
In a first quarter 2025 asset allocation report, Confluence expects resilient economic growth in the short term.
We analyze the impact of U.S. tariff proposals on markets and how investors can manage their portfolios accordingly.
The equity market appears to be showing signs of broadening beyond technology.
Stocks rallied in early 2025 as market leadership shifted, with Large Cap Value outperforming growth stocks, while a major AI development from China triggered a sell-off in U.S. technology stocks, raising concerns about the future of AI leadership and high-end chip demand. For investors the implications are more significant for fixed income portfolios, while equities should continue to do well as long as the labor market holds up.
When constructing a portfolio, investors who are seeking income have a range of options to choose from.
The evolving high-yield markets make the case for a global, multi-sector approach to generating income.
Apollo Global Management Inc.’s plan to tap wallets of rich clients is paying off, with its wealth business raking in record capital last year and boosting assets from the sector 50%.
The fourth quarter was particularly volatile in fixed income markets, with U.S. government bond yields surging on worries over the rising fiscal deficit and the potential for inflation to reaccelerate.
The higher yields they currently offer can be a benefit for income-oriented investors, but those yields reflect the additional risks they face.
A small band of Wall Street skeptics are moving to protect their credit portfolios against a market priced like nothing in the economy could possibly go wrong.
You’ve likely heard the saying “when the going gets tough, the tough get going.” A similar principle can apply to investing: “when the going gets tough, stay in the market.”
Buried in a rote US Treasury survey released on the eve of the latest holiday weekend was a question that all of Wall Street wants the answer to: What’s the Federal Reserve’s plan once it’s done drawing down its crisis-era bond holdings?
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
While planning for a CMA (Capital Market Assumptions) at the close of the year—and in the wake of an unexpected U.S. election result—it’s tempting to adopt a short-term perspective, focusing on the uncertainties and anxieties generated by President-elect Trump’s policies and their potentially disruptive impact on the economy and the market.
Four strategies for navigating crosswinds in the municipal bond market.
Bonds look attractive again after the most recent rise in interest rates. Markets are likely to continue to overreact to every new employment report and inflation reading, keeping interest rate volatility elevated as yields dance up and down with each data point.
US bond funds actively managed by industry heavyweights like Pacific Investment Management Co. attracted the most new investment last year as money returned after a two-year dry spell.
For stocks, Christmas came with a 'Santa Clause' rally soon after the election. Since then, there's been a correction in US markets.
As growth extends to more regions, we see expanding opportunities across countries and assets.
When investors have been looking to allocate funds within the U.S. fixed income markets, credit has seemingly been viewed as being perhaps too “rich,” or expensive, in relative terms.
Investors, many of whom were worried about stock valuations before the election, have much to consider heading into 2025. There seems reason for some exuberance—but a rational exuberance, based upon a plausible foundation of corporate and economic health.
The wildfires may affect some municipal bond issuers in the devastated areas, but the impact to other California bonds or to the broader muni market is likely limited.
New policies could disrupt markets, but high starting yields and strong demand for income should provide ballast.
Friday’s rip-roaring jobs report has pushed the betting markets to price in a single rate cut for the entire year of 2025.
Amid an unsettled global economic outlook and elevated equity valuations, bond markets present attractive yields and important diversification benefits.
Although we are loath to make predictions, conditions appear to be favorable for fixed income in the coming year, and we think investors should consider adjusting their allocations accordingly.
Uncertainty with regard to interest rate policy warrants an active management strategy inherent in the Vanguard Short Duration Bond ETF.
Nothing is more fundamental to the current health of the economy than jobs creation and income growth.
Active fixed income could stand out in 2025, with active offering a way to refresh bond portfolios and allocations.
The journey from niche asset to core allocation looks set to continue.
I’m not ready to concede that active bests the benchmarks by adding what I consider alpha. For example, “positioning the fund to have more credit risk than its benchmark” is a risk premium much in the same way that the equity risk premium produced returns over the risk-free rate. The credit risk premium may be worth it, but that’s beta, not alpha.
We are pro-risk, with the biggest overweight in U.S. stocks, yet eye three areas that could spur a view change.
US Treasuries plunged as evidence of a resilient labor market pushed traders to shift their expectations for the Federal Reserve’s next interest-rate cut to the second half of the year.
After cementing its position as the dominant player in the US for a niche but highly lucrative investment vehicle, Janus Henderson is looking to try its luck in Europe.
US equities were up notably in 2024, due to a strong economy, accelerating earnings growth, US election results, and AI/mega-cap strength.
U.S. equities closed 2024 on top and U.S. growth took back leadership from U.S. value.
The selloffs that keep flaring in the world’s bond markets are pushing yields toward key thresholds amid escalating worries about elevated inflation, tempestuous politics and swelling government debts.
Our Cash Indicator methodology acts as a plan in case of an emergency. Investors should expect more equity market volatility ahead.
US mortgage rates edged up to just shy of 7% at the turn of year and a gauge of home-purchase applications tumbled to the lowest level since February, adding to evidence of a struggling housing market.
On December 6, the S&P 500 set the most extreme level of valuations on record, exceeding both the 1929 and 2000 market peaks on measures that we find best-correlated with actual, subsequent 10-12 year S&P 500 total returns across a century of market cycles.
Despite a lackluster 2024 for most bonds, investors with an eye on the long-term time horizon could reap future benefits.
Most people don’t pay much attention to the political process, either local or federal. This year I think it is something we should all be paying attention to as it might affect our various lives.
European bond markets are climbing a mountain of worry. Despite the risks, history suggests a positive outcome.
Continued volatility, falling yields, and other expectations for the year ahead, plus seven strategies to take advantage.
December's market activity highlights the need for caution in the near term.
Happy Holidays! As the page for the new calendar year will soon turn, three cheers for a happy, healthy, and prosperous new year! With 2024 rapidly drawing to a close, we reflect on the year and all that’s transpired—our readers are wonderful, the economy remains in good shape, and market returns have been stellar for those who participate.
As investors continue to step out of cash and potentially rebalance out of equities following their strong performance, we expect bonds to play a larger role in diversified portfolios next year.
Has the U.S. economy diverged from the global economy, or are a lot of economic canaries in coalmines keeling over and warning the U.S. is soon to catch down?
We expect the opportunity set to widen for income investors in 2025, though less clarity around the second half requires a dynamic approach.
As the year comes to a close, we revisit some of the key market themes and moves for 2024 and the year ahead.
Private credit firms want more than corporate lending. The largest are laying the groundwork to finance everything from auto loans and residential mortgages to chip manufacturing and data centers in an effort to swell the size of the market by the trillions.
Despite the expectation of rate cuts, a push-pull dynamic could exist if high inflation continues, opening the door for short-term bonds.
On Friday December 6th, the U.S. stock market pushed to the most extreme level of valuation in U.S. history
As cash yields dwindle, the case for fixed income becomes increasingly compelling.
Brent Olson and Thomas Ross, fixed income portfolio managers, believe that high yield bonds offer comfortable driving for now, but investors might need to negotiate more difficult terrain later in 2025.
Morningstar’s Ben Johnson reflects on a record-breaking year for ETFs and highlights key stories to watch in 2025. VettaFi’s Todd Rosenbluth discusses new polling data on how advisors are viewing financial markets heading into the new year.
We expect gears to shift as potential policy changes under the Trump administration add to uncertainty about inflation and the global economy.
Short-term bond exchange-traded funds (ETFs) can provide yield seekers with a viable alternative to money market funds.
This has been a year of market highs, puzzling signals, and a few head-scratching moments.
Jeremy Grantham’s valuation-oriented investment firm is famous on Wall Street for trumpeting the contrarian, and decidedly bearish, views of its co-founder, seemingly every passing year.
While analysts are currently very optimistic about the market, the combined risk of high valuations and the need to rebalance portfolios in the short term may pose an unanticipated threat.
In his 2025 investment outlook, Portfolio Manager John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing.
"Trump Trade 2.0" fueled U.S. equity and digital asset rallies, while real assets faltered under a strong dollar.
At some, point a steepening yield curve will result, leading to yield opportunities for long-term bond exchange-traded funds.
The transition from bank-dominated lending to a diversified financing ecosystem offers unprecedented opportunities for private credit investors.
Portfolio managers and market strategists from Payden & Rygel review the opportunities and risks ahead for four bond market sectors: high yield, emerging markets, global bonds and low duration securities.
In his 2025 investment outlook, Head of U.S. Securitized Products John Kerschner shares his U.S. securitized outlook, identifying the key trends he believes will drive investment returns in the year ahead.
Fixed income markets face key questions that will shape their direction in 2025. This post explores these questions & their potential impact.
To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth. This achievement served as a powerful metaphor for the year: the improbable not only became possible but redefined expectations.
China’s economic ascent over the past four decades has been a remarkable story of growth, driven by several factors.
There are not many attractive opportunities in the US large-cap space. History suggests the market is overdue for a correction.
We examine how a potentially complex bond market in 2025 could still offer opportunities in high-yield bonds, municipal bonds, and inflation-protected securities.
Strong 2024 performance may be tough to replicate given tight credit spreads, but we still have a favorable view on corporate bond investments given the strong economy.
We believe municipal bonds currently offer a compelling balance of risk and reward for investors in higher tax brackets.
Just a few short years (months?) ago, few would have believed it possible. But it happened: Bitcoin has traded above $100,000 for the first time ever.
Five of Franklin Templeton’s specialist investment managers provide their annual outlooks for the global economy and key asset classes, including global equities; global fixed income; global infrastructure; the macro fixed income environment; municipal bond market; high yield bond market; small cap equities; U.S. dollar; U.S. economy; and U.S. equities.
Our Cash Indicator methodology acts as a plan in case of an emergency. This is analogous to the multiple safety systems in a modern automobile, which includes an airbag. Importantly, each of these systems work together to potentially help smooth the ride.
The bond market is caught between the Federal Reserve's plans to cut interest rates and the risk of higher inflation and federal debt levels.
Assets in money market funds reached an all-time high of $7 trillion this past month. Now that rates are moving lower, money market yields may not be as attractive to many investors and assets may gradually leave money funds.
While politics garner headlines, fundamentals drive the market over the long term.
BlackRock Inc. agreed to buy HPS Investment Partners in an all-stock deal valued at roughly $12 billion, a purchase that will propel the world’s largest asset manager into the highest ranks of private credit.
Corporate Credit
MFS Brings Signature Bond Mutual Fund Strategies to ETFs
Alex Mackey of MFS delved into the active bond strategies underpinning MFSB and MFSM in the recent Q1 2025 Fixed Income Symposium.
Putting ‘Fixed Income’ Back Into Fixed Income: Cash-Flow-Matched Bond Strategies for Retirees
Adding cash-flow-matched bond strategies to a total return strategy appears to improve total return relative to risk by reducing the likelihood of poor outcomes.
Three Reasons to Consider Dedicated Emerging Market Debt Exposure
Some allocators may focus their search efforts on corporate credit segments or simply a portfolio that can opportunistically trade across fixed income sectors.
Three Reasons Why It Pays to Be Active as a Muni Investor
In today’s era of automation, some situations demand a more active approach. Municipal bond investing is one.
Investors See High-Grade Debt, MBS as Top Bets of 2025
The best performing US blue-chip bond funds of 2024 are sticking to their winning playbook: investing in debt from riskier blue-chip companies, as well as firms that can handle economic turbulence — and avoiding corporations sensitive to interest-rate risk.
Potential Impact of Tariffs Weighing on Markets, Corporations
Raymond James CIO Larry Adam looks at how the proposed tariffs may impact the economy and financial markets.
Confluence Asset Allocation Quarterly (First Quarter 2025)
In a first quarter 2025 asset allocation report, Confluence expects resilient economic growth in the short term.
Principal, Pimco Bet on Debt From Riskier High-Grade Companies
The best performing US blue-chip bond funds of 2024 are sticking to their winning playbook: investing in debt from riskier blue-chip companies, as well as firms that can handle economic turbulence — and avoiding corporations sensitive to interest-rate risk.
What the U.S. Tariffs Mean for Investors
We analyze the impact of U.S. tariff proposals on markets and how investors can manage their portfolios accordingly.
Market Performance Reflects Continued Optimism for US Economy
The equity market appears to be showing signs of broadening beyond technology.
Stocks Rally in Early ’25, New Winners Emerge
Stocks rallied in early 2025 as market leadership shifted, with Large Cap Value outperforming growth stocks, while a major AI development from China triggered a sell-off in U.S. technology stocks, raising concerns about the future of AI leadership and high-end chip demand. For investors the implications are more significant for fixed income portfolios, while equities should continue to do well as long as the labor market holds up.
Income-Producing Assets
When constructing a portfolio, investors who are seeking income have a range of options to choose from.
In the Hunt for Income, It’s Wise to Broaden Your Horizons
The evolving high-yield markets make the case for a global, multi-sector approach to generating income.
Apollo Raises Record From Private Wealth as Credit Grows
Apollo Global Management Inc.’s plan to tap wallets of rich clients is paying off, with its wealth business raking in record capital last year and boosting assets from the sector 50%.
Quarterly Trading Report – Q4 2024: Volatility returns
The fourth quarter was particularly volatile in fixed income markets, with U.S. government bond yields surging on worries over the rising fiscal deficit and the potential for inflation to reaccelerate.
Are Preferred Securities Still Attractive?
The higher yields they currently offer can be a benefit for income-oriented investors, but those yields reflect the additional risks they face.
Credit Skeptics Place a $10 Billion Bet in High-Priced Market
A small band of Wall Street skeptics are moving to protect their credit portfolios against a market priced like nothing in the economy could possibly go wrong.
Insights From our Q4 2024 Economic and Market Review
You’ve likely heard the saying “when the going gets tough, the tough get going.” A similar principle can apply to investing: “when the going gets tough, stay in the market.”
Fed’s Balance-Sheet Plans Mystify Wall Street as Officials Meet
Buried in a rote US Treasury survey released on the eve of the latest holiday weekend was a question that all of Wall Street wants the answer to: What’s the Federal Reserve’s plan once it’s done drawing down its crisis-era bond holdings?
The Opportunity Right in Front of Investors
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Missing the Forest For the Tree: Lumen R4A Long-Term Capital Market Assumptions
While planning for a CMA (Capital Market Assumptions) at the close of the year—and in the wake of an unexpected U.S. election result—it’s tempting to adopt a short-term perspective, focusing on the uncertainties and anxieties generated by President-elect Trump’s policies and their potentially disruptive impact on the economy and the market.
Municipal Outlook 2025: Battling Headwinds, Harnessing Tailwinds
Four strategies for navigating crosswinds in the municipal bond market.
Bonds Beckon with Higher Yields
Bonds look attractive again after the most recent rise in interest rates. Markets are likely to continue to overreact to every new employment report and inflation reading, keeping interest rate volatility elevated as yields dance up and down with each data point.
Pimco, Dodge & Cox Lead Revival in Actively Managed Bond Funds
US bond funds actively managed by industry heavyweights like Pacific Investment Management Co. attracted the most new investment last year as money returned after a two-year dry spell.
Not Time Yet for Stocks to Worry About Rising Rates
For stocks, Christmas came with a 'Santa Clause' rally soon after the election. Since then, there's been a correction in US markets.
Multi-Asset 2025 Outlook: Expanding Horizons
As growth extends to more regions, we see expanding opportunities across countries and assets.
Just How 'Rich' Is U.S. Credit?
When investors have been looking to allocate funds within the U.S. fixed income markets, credit has seemingly been viewed as being perhaps too “rich,” or expensive, in relative terms.
2025 Market Outlook: Rational Exuberance?
Investors, many of whom were worried about stock valuations before the election, have much to consider heading into 2025. There seems reason for some exuberance—but a rational exuberance, based upon a plausible foundation of corporate and economic health.
Are California Fires a Risk to the Muni Market?
The wildfires may affect some municipal bond issuers in the devastated areas, but the impact to other California bonds or to the broader muni market is likely limited.
2025 Credit Outlook: On Firm Ground, Despite Shifting Political Sands
New policies could disrupt markets, but high starting yields and strong demand for income should provide ballast.
Active Fixed Income in 2025: Another Golden Year Ahead
Friday’s rip-roaring jobs report has pushed the betting markets to price in a single rate cut for the entire year of 2025.
Uncertainty Is Certain
Amid an unsettled global economic outlook and elevated equity valuations, bond markets present attractive yields and important diversification benefits.
Bonds – The Dual Benefit
Doug Drabik discusses fixed income market conditions and offers insight for bond investors.
Strategic Income Outlook: Magic 8-Ball Says, “Cannot Predict Now”
Although we are loath to make predictions, conditions appear to be favorable for fixed income in the coming year, and we think investors should consider adjusting their allocations accordingly.
Amid Rate Uncertainty, Shorten Duration With This Active ETF
Uncertainty with regard to interest rate policy warrants an active management strategy inherent in the Vanguard Short Duration Bond ETF.
Expect Innovation Led American Exceptionalism to Continue
Nothing is more fundamental to the current health of the economy than jobs creation and income growth.
The Case for Active Fixed Income in 2025
Active fixed income could stand out in 2025, with active offering a way to refresh bond portfolios and allocations.
Private Credit Outlook: Expanding the Universe
The journey from niche asset to core allocation looks set to continue.
Examining the Case for Active Bond Investing
I’m not ready to concede that active bests the benchmarks by adding what I consider alpha. For example, “positioning the fund to have more credit risk than its benchmark” is a risk premium much in the same way that the equity risk premium produced returns over the risk-free rate. The credit risk premium may be worth it, but that’s beta, not alpha.
Triggers to Change Our Pro-Risk View
We are pro-risk, with the biggest overweight in U.S. stocks, yet eye three areas that could spur a view change.
US 30-Year Yield Hits 5% as Traders Push Back Next Fed Rate Cut
US Treasuries plunged as evidence of a resilient labor market pushed traders to shift their expectations for the Federal Reserve’s next interest-rate cut to the second half of the year.
Janus Henderson Takes CLO-Tracking Fund to Europe After US Win
After cementing its position as the dominant player in the US for a niche but highly lucrative investment vehicle, Janus Henderson is looking to try its luck in Europe.
With New Risks Surfacing, How Should Investors Position Portfolios in 2025?
US equities were up notably in 2024, due to a strong economy, accelerating earnings growth, US election results, and AI/mega-cap strength.
Q4 Recap: US Growth Closes the Year on Top
U.S. equities closed 2024 on top and U.S. growth took back leadership from U.S. value.
Global Bond Selloff Leaves US Treasury Yields Flirting With 5%
The selloffs that keep flaring in the world’s bond markets are pushing yields toward key thresholds amid escalating worries about elevated inflation, tempestuous politics and swelling government debts.
The January 25 Dashboard: Our 3 Layers of Risk Management
Our Cash Indicator methodology acts as a plan in case of an emergency. Investors should expect more equity market volatility ahead.
US 30-Year Mortgage Rate Just Shy of 7% Bridles Home Purchases
US mortgage rates edged up to just shy of 7% at the turn of year and a gauge of home-purchase applications tumbled to the lowest level since February, adding to evidence of a struggling housing market.
Pressing for Yet More
On December 6, the S&P 500 set the most extreme level of valuations on record, exceeding both the 1929 and 2000 market peaks on measures that we find best-correlated with actual, subsequent 10-12 year S&P 500 total returns across a century of market cycles.
Bond Investors Could Reap Rewards in the Long Term
Despite a lackluster 2024 for most bonds, investors with an eye on the long-term time horizon could reap future benefits.
A Controversial Start
Most people don’t pay much attention to the political process, either local or federal. This year I think it is something we should all be paying attention to as it might affect our various lives.
European Fixed-Income Outlook 2025: Adversity, Uncertainty, Opportunity
European bond markets are climbing a mountain of worry. Despite the risks, history suggests a positive outcome.
Fixed-Income Outlook 2025: Fertile Ground
Continued volatility, falling yields, and other expectations for the year ahead, plus seven strategies to take advantage.
S&P 500 Records Its Second Straight Year of 20%-Plus Gains
December's market activity highlights the need for caution in the near term.
What Factors Could Help the Markets and Economy Prosper in 2025?
Happy Holidays! As the page for the new calendar year will soon turn, three cheers for a happy, healthy, and prosperous new year! With 2024 rapidly drawing to a close, we reflect on the year and all that’s transpired—our readers are wonderful, the economy remains in good shape, and market returns have been stellar for those who participate.
2025 Fixed Income Outlook: Monetary and Fiscal Crosscurrents May Create Volatility, Yet Opportunity Persists
As investors continue to step out of cash and potentially rebalance out of equities following their strong performance, we expect bonds to play a larger role in diversified portfolios next year.
Global Conditions Portend a Catch-Down in America
Has the U.S. economy diverged from the global economy, or are a lot of economic canaries in coalmines keeling over and warning the U.S. is soon to catch down?
Multi-Asset Income 2025 Outlook: Broader Is Better
We expect the opportunity set to widen for income investors in 2025, though less clarity around the second half requires a dynamic approach.
Notes From the Desk: Fixed Income Year in Review
As the year comes to a close, we revisit some of the key market themes and moves for 2024 and the year ahead.
Private Credit Plots Expansion in Bid for $40 Trillion Prize
Private credit firms want more than corporate lending. The largest are laying the groundwork to finance everything from auto loans and residential mortgages to chip manufacturing and data centers in an effort to swell the size of the market by the trillions.
Inflation Expectations Keep Short-Term Bonds in Play
Despite the expectation of rate cuts, a push-pull dynamic could exist if high inflation continues, opening the door for short-term bonds.
Ring Out, Wild Bells
On Friday December 6th, the U.S. stock market pushed to the most extreme level of valuation in U.S. history
From Cash to Bonds: A Strategic Shift in Post-Pandemic Investing
As cash yields dwindle, the case for fixed income becomes increasingly compelling.
High Yield Bonds Outlook: Taking the Scenic Route in 2025
Brent Olson and Thomas Ross, fixed income portfolio managers, believe that high yield bonds offer comfortable driving for now, but investors might need to negotiate more difficult terrain later in 2025.
Morningstar’s Ben Johnson Recaps the Year in ETFs and Looks Ahead to 2025
Morningstar’s Ben Johnson reflects on a record-breaking year for ETFs and highlights key stories to watch in 2025. VettaFi’s Todd Rosenbluth discusses new polling data on how advisors are viewing financial markets heading into the new year.
Schwab Market Perspective: 2025 Outlook
We expect gears to shift as potential policy changes under the Trump administration add to uncertainty about inflation and the global economy.
A Higher-Yielding Alternative to Money Market Funds
Short-term bond exchange-traded funds (ETFs) can provide yield seekers with a viable alternative to money market funds.
Five Charts for 2025
This has been a year of market highs, puzzling signals, and a few head-scratching moments.
Jeremy Grantham’s GMO Goes Mainstream With ETF and Mega-Cap Bets
Jeremy Grantham’s valuation-oriented investment firm is famous on Wall Street for trumpeting the contrarian, and decidedly bearish, views of its co-founder, seemingly every passing year.
Portfolio Rebalancing And Valuations. Two Risks We Are Watching.
While analysts are currently very optimistic about the market, the combined risk of high valuations and the need to rebalance portfolios in the short term may pose an unanticipated threat.
Yield on the Table: Why Multisector May Make Sense in 2025
In his 2025 investment outlook, Portfolio Manager John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing.
Monthly Market Recap: Trumpmania 2.0
"Trump Trade 2.0" fueled U.S. equity and digital asset rallies, while real assets faltered under a strong dollar.
3 Long-Term Bond ETFs for a Steepening Yield Curve
At some, point a steepening yield curve will result, leading to yield opportunities for long-term bond exchange-traded funds.
Private Credit: Asset-Based Finance Shines as Lending Landscape Evolves
The transition from bank-dominated lending to a diversified financing ecosystem offers unprecedented opportunities for private credit investors.
What’s Ahead for Fixed Income in 2025?
Portfolio managers and market strategists from Payden & Rygel review the opportunities and risks ahead for four bond market sectors: high yield, emerging markets, global bonds and low duration securities.
Key Trends Driving U. S. Securitized Fixed Income in 2025
In his 2025 investment outlook, Head of U.S. Securitized Products John Kerschner shares his U.S. securitized outlook, identifying the key trends he believes will drive investment returns in the year ahead.
Notes from the Desk: 3 Questions for 2025
Fixed income markets face key questions that will shape their direction in 2025. This post explores these questions & their potential impact.
Seeking Sterling Bond Exposure? Look Beyond the UK
To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
2025 Annual Global Market Outlook: The Mechazilla Moment
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth. This achievement served as a powerful metaphor for the year: the improbable not only became possible but redefined expectations.
Watching China’s Economic Miracle (and Relevance) Fade Before Our Eyes
China’s economic ascent over the past four decades has been a remarkable story of growth, driven by several factors.
Valuations Have Richened, But Areas Outside of Large-Caps Remain Attractive
There are not many attractive opportunities in the US large-cap space. History suggests the market is overdue for a correction.
Bond Market Opportunities for Investors in 2025
We examine how a potentially complex bond market in 2025 could still offer opportunities in high-yield bonds, municipal bonds, and inflation-protected securities.
2025 Corporate Bond Outlook
Strong 2024 performance may be tough to replicate given tight credit spreads, but we still have a favorable view on corporate bond investments given the strong economy.
2025 Municipal Bond Outlook
We believe municipal bonds currently offer a compelling balance of risk and reward for investors in higher tax brackets.
Bitcoin’s Rise to $100,000 Signals Global Adoption Shift
Just a few short years (months?) ago, few would have believed it possible. But it happened: Bitcoin has traded above $100,000 for the first time ever.
Franklin Templeton’s 2025 Outlooks for Equities and Fixed Income Sectors
Five of Franklin Templeton’s specialist investment managers provide their annual outlooks for the global economy and key asset classes, including global equities; global fixed income; global infrastructure; the macro fixed income environment; municipal bond market; high yield bond market; small cap equities; U.S. dollar; U.S. economy; and U.S. equities.
The December 2024 Dashboard: Our Three Layers of Risk Management
Our Cash Indicator methodology acts as a plan in case of an emergency. This is analogous to the multiple safety systems in a modern automobile, which includes an airbag. Importantly, each of these systems work together to potentially help smooth the ride.
2025 Treasury Bonds and Fixed Income Outlook
The bond market is caught between the Federal Reserve's plans to cut interest rates and the risk of higher inflation and federal debt levels.
Rethinking Cash
Assets in money market funds reached an all-time high of $7 trillion this past month. Now that rates are moving lower, money market yields may not be as attractive to many investors and assets may gradually leave money funds.
Equity Markets Carried in November by Post-election Rally
While politics garner headlines, fundamentals drive the market over the long term.
BlackRock Buys Credit Firm HPS in $12 Billion All-Stock Deal
BlackRock Inc. agreed to buy HPS Investment Partners in an all-stock deal valued at roughly $12 billion, a purchase that will propel the world’s largest asset manager into the highest ranks of private credit.