Market GPS
Investment Outlook 2021
What should be on the radar for investors in 2021? Market GPS helps direction-set with a video summary, in-depth asset class analysis and our latest portfolio manager views.
Latest Insights
Subscribe for relevant insights delivered straight to your inbox
Reaching for normal: the outlook for 2021
Portfolio Manager Seth Meyer discusses how a return to normal in 2021 should be supportive for credit markets.
High yield bonds: the grind tighter in 2021
Tom Ross, corporate credit portfolio manager, discusses the high yield bond outlook where an improving economy should help tighten credit spreads but may spark concerns about monetary tightening.
Low rates versus US election: what matters for fixed income?
Jim Cielinski, Global Head of Fixed Income, believes central bank policy is likely to be the dominant influence on fixed income markets, regardless of who wins the US election.
Will the hump in defaults be a hill or a mountain?
Seth Meyer, Corporate Credit Portfolio Manager, and Esther Watt, Client Portfolio Manager, explore the default outlook for high yield bonds and the risks and opportunities this presents.
Strategic Fixed Income: the predictable Japanification of US corporates
Jenna Barnard, Co-Head of Strategic Fixed Income, discusses how the suppression of volatility in interest rates by major central banks has spread the Japanification phenomenon to the US.
Are near-term debt levels a distraction?
Credit portfolio managers John Lloyd and Tim Winstone argue that markets are fixated with the near-term expansion in debt levels when a deeper look at credit fundamentals shows a more nuanced picture.
Taking higher-quality risk in core plus bond portfolios
Greg Wilensky, Head of U.S. Fixed Income, discusses the importance of identifying and diversifying risk factors in bond portfolios.
Secured loans update: to default, or not to default, that is the question
Elissa Johnson, Portfolio Manager and secured loans specialist within the Secured Credit Team, discusses the probability of corporate defaults in the aftermath of the Covid-19 crisis and whether the risks are priced in.
The long-term opportunity in structured securities
The Securitized Debt team discusses its positive long-term outlook for U.S. structured securities in higher-quality, seasoned and shorter-dated exposures.
US Fed’s emergency rate cut not a cure for volatility
The US Federal Reserve’s surprise rate cut reflects the increasing uncertainty the US economy and investors currently face. Jim Cielinski, Global Head of Fixed Income, provides his views on what the highly unusual move means for markets and why he believes investors should remain cautious.
2020 vision — clearer opportunities within European secured loans
Elissa Johnson and Oliver Bardot from the Secured Loans Team, evaluate risks and opportunities in the European loans market in 2020 and how they might impact their portfolios.
Global prospects 2020: a game of two halves
Andrew Mulliner, Portfolio Manager within Global bonds, believes that 2020 will prove to be a year of two halves with a rosier outlook likely later in the year. He cautions, however, that attractive opportunities might be harder to come by given downside risks such as a re-escalation of trade wars and uncertainty from the US elections.