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The allocator’s landscape: Three areas of attention for 2023

Natasha Brook-Walters, Co-Head of Investment Strategy, discusses downside mitigation given the shifting equity/bond correlation, the impact of cyclical and macro volatility, and opportunities to position for long-term change.

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Article
2023-12-31
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High-yield bonds in 2023: Fortune favours the patient

Amid ongoing dislocation in the high-yield market, Fixed Income Portfolio Manager Konstantin Leidman sees opportunities for investors to take advantage of potentially attractive valuations.

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2023-12-31
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2023 Bond Market Outlook

Our 2023 Bond Market Outlook content suite is now available — providing timely, actionable investment insights from several of our fixed income portfolio managers and strategists. 

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Collection
2023-12-31
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Diversifying styles to survive today’s bond market

In a challenging year for fixed income markets, members of our Fundamental Factor team highlight a bright spot: the momentum factor in global government bond and corporate credit markets.

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Quick Take
2023-11-30
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Three tailwinds that could power CLO equity in 2023 and beyond

Three members of our fixed income team argue that the headwinds currently facing CLO equity should give way to improved returns in 2023 and beyond.

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Quick Take
2023-11-30
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Inflation, rates, and volatility: The best defense is a good offense

Insurance Strategist Tim Antonelli shares his latest multi-asset views for insurers, including the need to balance defensive portfolio strategies with continued income and return generation.

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Whitepaper
2023-04-15
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In a new era for interest rates, can hedge funds fill the role of fixed income?

Hedge funds could be valuable building blocks for a fixed income substitute portfolio, but how should the portfolio be constructed? Members of our Fundamental Factor Team share their views.

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2023-11-30
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Financial Market Review: Third quarter 2022

A quarterly update on equity, fixed income, currency, and commodity markets.
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Whitepaper
2023-04-15
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Emerging markets debt outlook: A glass half full or half empty?

Against a still-challenging global backdrop for emerging markets, Macro Strategist Gillian Edgeworth highlights opportunities created by extreme credit spread dispersion across individual countries.

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2023-12-31
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Bank of Japan policy shift: Waiting for the other shoe to drop?

Client Portfolio Manager Jitu Naidu and Investment Director Masahiko Loo share their take on the consensus view that Japan has reached several key inflection points.

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Quick Take
2023-01-31
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2023 Macro and rates outlook: Goodbye easy money, hello regime change

Macro Strategist John Butler and Fixed Income Strategist Amar Reganti highlight the impact of macroeconomic "regime change" on global inflation and interest rates, with potential implications for investors.

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2023-12-31
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A new economic era: Why inflation, volatility, and cycles are back

Macro Strategist John Butler argues that a seismic global shift is underway that will disrupt the macro dynamics of the past two decades, challenging long-held investment assumptions.

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2023-12-31
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Monthly Market Snapshot: September 2022

A monthly update on equity, fixed income, currency, and commodity markets.

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Whitepaper
2022-11-15
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Can agency MBS bounce back from dismal performance?

Fixed Income Portfolio Manager Brian Conroy and two colleagues weigh in on the mortgage-backed securities (MBS) market in the wake of a very challenging month.

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Quick Take
2023-01-31
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Credit market outlook: Partly sunny with a chance of good value

In his 2023 credit market outlook, Fixed Income Portfolio Manager Rob Burn highlights some potentially attractive opportunities in the wake of this year's market sell-off.

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2023-12-31
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Impact measurement and management: addressing key challenges

Our IMM practice leader describes common impact investing challenges and suggests ways to overcome them. 

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2023-10-31
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Bank loans: Can issuers overcome higher interest expenses?
The short answer, according to Fixed Income Portfolio Managers Jeff Heuer and David Marshak, is that many can. And, they believe bank loans can outperform many other fixed-income sectors over the next 12 months.
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2023-01-31
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The Fed wants to crush inflation, but at what cost?
Following a higher-than-expected inflation print and the Fed's latest rate hike, Global Investment Strategist Nanette Abuhoff Jacobson considers potential implications for fixed income and equities.
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2022-12-31
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Monthly Market Snapshot: August 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-11-15
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Sustainable fixed income: Key terms allocators should know
ESG integration versus sustainable investing: What’s the difference? We explain a few key distinctions that are important for allocators to understand.
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Quick Take
2023-06-30
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The shifting equity/bond correlation: Implications for portfolio construction
Multi-Asset Strategist Nick Samouilhan looks at what's driving the change in the all-important equity/bond relationship and what can be done about it.
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Quick Take
2022-12-31
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The shrinking central bank balance sheet: A credit market opportunity
With the shift in central bank policy, heightened volatility and dispersion may yield a promising environment for exploiting credit market inefficiencies.
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Quick Take
2022-11-30
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Monthly Market Snapshot: July 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-10-15
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Emerging local debt markets: Time to wade in?
Fixed Income Portfolio Manager Michael Henry sees positive trends across ELD fundamentals, valuations, and technicals that could be tailwinds for these markets going forward.
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2023-08-31
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Why today’s fixed income market is fertile ground for active management
Skilled active management has potential to shine in times of increased dispersion across fixed income sectors and regions. Now may be one of those times.
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2022-12-31
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Global convertibles: Unprecedented times call for unconventional solutions
Fixed Income Portfolio Manager Michael Barry and Investment Director Raina Dunkelberger argue that global convertible bonds are well suited to today's uncertain market environment.
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2022-11-30
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Reckoning with recession risk: Why this one may be “pricey”
Client Portfolio Manager Jitu Naidu shares his latest take on the looming risk of a global economic recession and related issues.
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2022-11-30
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Fixed income: Relative value opportunities amid growth slowdown
In the face of this year's fixed income market turmoil, Fixed Income Portfolio Manager Rob Burn sees attractive opportunities for investors with longer-term time horizons.
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2022-10-31
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Fed rate hikes: A tailwind for bonds?
Global Investment Strategist Nanette Abuhoff Jacobson believes higher-quality, longer-duration bonds may prove resilient even if the Fed keeps raising short-term rates into 2023.
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2022-10-31
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July Fed meeting: Rising inflation vs falling growth
After another rate hike, the Fed must balance moderating growth with mounting inflation. Caroline Casavant opines on how the central bank might navigate this dilemma.
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2022-10-31
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Financial Market Review: Second quarter 2022
A quarterly update on equity, fixed income, currency, and commodity markets.
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2023-01-15
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Monthly Market Snapshot: June 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-09-15
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Insurers: Strengthen your core in the second half
Insurance Multi-Asset Strategist Tim Antonelli shares his latest multi-asset insights for global insurers, including his view that core fixed income holdings — US interest rates and investment-grade corporate bonds — should stack up well against most risk assets in the second half of 2022.
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2022-12-31
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Impact investing: Increasing needs, broadening opportunities
Members of our impact investing team, offer a brief update on our impact platform, which continues to evolve amid an expanding opportunity set in developed and emerging market equities and fixed income.
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2022-12-31
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Can credit investors turn the resumption of volatility and cycles to their advantage?
Why the new volatile market regime may offer significantly more opportunities for longer-term global credit strategies.
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Article
2023-07-31
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Don’t be surprised if CLO equity surprises to the upside
Members of our fixed income team, including Portfolio Manager Alyssa Irving, believe CLO equity could be poised to outperform many other risk assets over the next few years.
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2022-10-31
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Can hedge funds behave if fixed income doesn’t? A manager-selection view
Our Fundamental Factor Team proposes an alternative approach for analyzing hedge funds and constructing multi-manager hedge fund portfolios intended to fill the roles of fixed income.
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Article
2023-07-31
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Credit investing against a slower-growth, higher-inflation backdrop
The significant flattening of the US Treasury yield curve in recent months has some prognosticators calling for an impending US recession. Not so fast, says Fixed Income Portfolio Manager Rob Burn.
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2022-07-31
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Mid-2022 Alternative Investments Outlook
As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategist Cara Lafond explains how alternative investments could potentially play a role in improving portfolio resilience and returns.
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2023-08-31
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Mid-2022 Asset Allocation & Investment Strategy Outlook
We explore the market implications of central bank policies, rising prices, and slowing growth and offer incremental steps to improving a portfolio’s return potential.
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2023-07-31
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Using hedge funds to perform the role of fixed income: An alternative approach
Member of our Fundamental Factor Team offer a role-based framework that may help better align manager research, portfolio construction, and potential investment outcomes.
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Quick Take
2022-10-31
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Mid-2022 Asset Class Outlook
We offer perspectives on growth and value equities and explore ideas for shoring up your fixed income flank amid the evolving economic and market environment.
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2023-07-31
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Sustainable fixed income investing entering the mainstream
This short piece explores the continued rise of sustainable fixed income investing and links to a more in-depth white paper on the topic.
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2022-12-31
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Credit and equity risk back on speaking terms, but will it last?
Following their uncharacteristic rift and recent reconciliation, Director of Wellington’s Global Derivatives Group Gordy Lawrence considers whether equity volatility and credits spreads are likely to remain in harmony.
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2022-10-31
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Global Impact Annual Report
Discover how we evolved our impact platform in 2021 and tracked the impact progress of select portfolio companies and issuers.
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Report
2023-11-09
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Evolving impact investing for better potential outcomes
Our impact portfolio managers provide a snapshot of recent highlights and developments in impact investing.
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Quick Take
2022-09-30
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Loans from Federal Home Loan Banks: An opportunity for US insurers to enhance investment yield and total return
Learn why our Financial Reserves Management Group believes FHLB loans provide compelling potential for insurers to add alpha or increase yield by borrowing at low rates and benefitting from possible favorable treatment by ratings agencies.
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Whitepaper
2023-07-01
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Closing the return gap: A new set of “stepping stone” ideas
Multi-Asset Strategist Adam Berger offers incremental, flexible investment ideas that can be combined to help asset owners pursue their goals amid declining capital market return expectations.
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Whitepaper
2023-06-30
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Sustainable fixed income investing comes of age
ESG integration and sustainable investing have gained considerable traction in global fixed income markets. Investment Directors Anand Dharan and Meredith Joly and Fixed Income Trader Keenan Choy discuss this ongoing trend and some of its key implications for asset allocators.
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2023-06-30
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A transition year for agency MBS?
Following a challenging period for agency MBS, members of our securitized team now see attractive opportunities in the space and believe actively managed strategies may be the best way for many investors to capitalize.
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2022-07-31
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Sticky inflation, weaker growth: A volatile mix
As central bank policy, rising prices, and slowing growth roil the markets, Nanette Abuhoff Jacobson and Supriya Menon explore the implications for equities, bonds, and commodities.
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2022-10-31
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Monthly Market Snapshot: April 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-07-15
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Timely musings on Fed policy and inflation
With rising inflation and interest rates dominating the financial headlines in recent weeks, I have been fielding a flurry of colleague and client questions about the likely future trajectory of US monetary policy. While I don’t claim to have all the answers, especially with so many “known unknowns” as of this writing, here are my latest thoughts.
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2022-08-30
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US inflation risk, angry bondholders, and silver linings
Here are quick thoughts on some common questions I’ve been asked recently about Fed policy, yields, the US dollar, and financial markets.
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2022-08-31
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Is it too soon to call a “top” in US interest rates?
Are we nearing the top of the 10-year treasury rate?
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Quick Take
2023-05-31
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Empirical duration: reason for optimism on risk assets?
While rising rates often produce negative bond returns, combining the concept of empirical duration with a positive outlook on the credit cycle may bode well for some fixed income sectors' return prospects going forward. Investment Analyst Will Prenits and Investment Director Tobias Ripka explain.
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2022-07-31
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Will Japanese buyers look beyond USD fixed income? They may have to
With the US Federal Reserve’s (Fed’s) interest-rate-hiking cycle now underway, it’s an important time to keep a close eye on non-US buyers of US dollar (USD) fixed income securities.
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2022-07-31
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Financial Market Review: First quarter 2022
A quarterly review of results in the global equity, fixed income, currency, and commodity markets.
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2022-10-15
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Helping European investors navigate inflation fears
The recent shift to a higher inflation regime, with resulting expectations of tighter monetary policy and rising interest rates, presents a material challenge for European fixed income investors. Against this backdrop, Investment Analyst Will Prentis and Investment Director Tobias Ripka believe investment flexibility is key.
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2022-07-31
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Monthly Market Snapshot: March 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-06-15
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Global convertibles: Poised to benefit from five structural tailwinds
Fixed Income Portfolio Manager Michael Barry and Investment Specialist Raina Dunkelberger believe global convertible bonds are likely to outperform other fixed income sectors over an investment time horizon of approximately two to three years. Learn why.
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2022-07-31
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Higher inflation, rising rates: Front and center for insurers
With macro and market complications piling up through the first few months of 2022, Insurance Multi-Asset Strategist Tim Antonelli provides his investment implications for global insurers.
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2022-10-15
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Bank loans: Resiliency amid volatility
In the face of ongoing geopolitical and macroeconomic uncertainty, including the prospect of steadily rising interest rates, our floating-rate bank loan team maintains a bullish outlook for the sector. Emboldened by a strong US economy and mounting inflationary pressures, the US Federal Reserve (Fed) enacted its first 25 basis-point (bp) increase in interest rates since 2018. Additionally, Fed Chair Jerome Powell’s recent rhetoric has become more hawkish, including suggesting the possibility of a 50 bp rate hike in the coming months. The market is now pricing in the fed funds rate to rise to around 2.5% by the end of 2022 (from its current target of 25-50 bps).
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2022-07-31
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Global credit: Where do we go from here?
Fixed Income Portfolio Manager Mahmoud El-Shaer explores why 2022 may be a momentous year for global credit and sets out a framework to think through potential investment implications. 2022 promises to be another challenging year for central banks as they attempt to normalise policies in the face of surging inflation, while navigating the growing fallout from Russia’s invasion of Ukraine. Since 2009, there has essentially been one trade in capital markets: riding a huge wave of central bank liquidity in support of the financial system and the economy, with the G4 central banks alone pumping approximately US$20 trillion into the system via quantitative easing (QE).
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2022-07-31
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Four potentially powerful tailwinds for the securitized sector
In his latest Top of Mind session, Multi-Asset Strategist Adam Berger addressed a wide range of what-if scenarios on the minds of our clients. See what he has to say on Russia, China, cryptocurrencies, the IPO market, and many other topics in this brief article.
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2022-06-30
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Can the Fed engineer a soft landing?
As widely expected, the Federal Open Market Committee (FOMC) yesterday raised its target federal funds rate...
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A US insurer’s roadmap for navigating the new RBC regs
With the NAIC’s latest revisions to risk-based capital (RBC) charges now on the books, what should US insurers be focused on moving forward? And how have the relative value propositions across fixed income assets and other investments changed as a result? Multi-Asset Insurance Strategist Tim Antonelli and Investment Specialist Geoff Austein-Miller share their views and insights.
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Whitepaper
2023-03-31
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Ten more “what if” scenarios for 2022
In his latest Top of Mind session, Multi-Asset Strategist Adam Berger addressed a wide range of what-if scenarios on the minds of our clients. See what he has to say on Russia, China, cryptocurrencies, the IPO market, and many other topics in this brief article.
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Article
2023-02-28
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DC plans: Three timely themes that probably aren’t going away anytime soon
Our DC plan specialists highlight three big-picture investment themes that are not only top of mind for many plan participants in today’s environment, but are also likely to have staying power in the months ahead.
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Article
2023-03-31
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An inside look at today’s municipal market
After a year in which municipal bonds posted respectable returns (Figure 1), many clients have been seeking forward-looking guidance on the market as a whole and (increasingly) on particular sectors of it. Here are my latest thoughts as of this writing on the outlook for the rest of 2022.
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2022-05-31
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For markets, it’s complicated
As markets grapple with the war in Ukraine, inflation worries, and a host of other issues, Nanette Abuhoff Jacobson and Daniel Cook offer their thoughts on the investment implications for equities, commodities, and fixed income.
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Article
2022-10-31
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EM local debt: Forgotten but not forsaken
The emerging markets (EM) local debt sector (as measured by the JP Morgan Government Bond Index – Emerging Markets Global Diversified) just posted its worst calendar-year performance since 2013, returning -8.75% against the headwind of higher EM local interest rates. The underlying culprit? EM inflation surprised to the upside in 2021, forcing a number of EM central banks to raise their policy interest rates in an effort to curb the impact.
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2022-09-30
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Navigating a new tomorrow
In this video, Wellington investment professionals and prominent guests articulate the structural risks and opportunities that we believe will shape tomorrow’s investment strategies, ranging from medical innovation spurred by the global pandemic to technological breakthroughs, and ideas aimed at curbing or mitigating climate risk.
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Event replay
2023-01-31
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River from above
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Better balance in bonds: How a factor framework and a barbell approach could help
For investors seeking diversification in their credit portfolios, members of our Fundamental Factor team propose a portfolio construction and manager selection process designed to source complementary manager alpha-generation styles and help “smooth out” the path of fixed income alpha.
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2023-02-28
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Credit and equity performance around Fed hiking cycles
One of the discussion topics du jour is how the credit and equity markets might react to the US Federal Reserve (Fed) interest-rate hikes that are widely anticipated in the coming months. As is often the case with me, I find it helpful here to refer to past hiking regimes and market performances as a sort of guidepost. The proof’s in the pudding To wit, I examined the historical returns of both US credit (for this purpose, proxied by corporate high-yield bonds) and US equities (represented by the S&P 500 Index) during the six months before the first rate increase of a Fed hiking cycle through the 12 months after said increase.
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2022-05-31
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Fixed income: Turn to nontraditional sectors for greater return potential in 2022
As discussed in our 2022 credit sector outlook piece, Break with tradition in 2022, we see opportunities in a few nontraditional credit sectors that stand out to us as having a higher probability of generating excess returns in the months ahead.
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2022-04-30
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Playing inflation defense with fixed income in 2022
For fixed income investors who are worried about the double threat of higher inflation and rising rates, there are strategies that may help insulate a bond portfolio. Fixed Income Investment Director Amar Reganti and Investment Specialist Jonathan Tan offer up some suggestions.
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2022-02-28
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High yield: Be ready for sideways moves, bouts of volatility in 2022
Our high-yield portfolio managers believe investors should stand ready to dynamically adjust positioning in a year that could see sideways spread moves and plenty of market volatility.
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Quick Take
2022-08-31
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2022 Fixed Income Outlook
Our fixed income outlook for 2022, examines our views on inflation and interest rates and the role central banks will play in the coming year.
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2022-11-15
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Three transition year themes — inflation, capital, ESG
Insurance Multi-Asset Strategist Tim Antonelli believes 2022 could be a year of transition for the global insurance industry, with the three big themes of inflation, capital, and ESG likely to play prominent roles in many insurers’ strategic planning and decisions.
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2022-12-01
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Impact investing in practice: supporting the shift to alternative energy
In this case study, we explore how our impact team supports the shift to alternative energy while seeking to capture the associated return potential.
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2022-12-31
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Navigating narrow bond markets: how diversified is your fixed income alpha?
Understanding an active manager’s path and style of alpha generation should be a critical part of anyone’s fixed income manager evaluation process, says Brendan Fludder of our Fundamental Factor Team.
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2022-07-28
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2022 Multi-Asset Outlook
In our 2022 Asset Allocation Outlook, we expect markets to focus on central bank efforts to tame inflation look at 5 post-pandemic essentials for 2022.
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2022-12-31
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A credit strategy designed for all seasons
Today’s fixed income allocators face a variety of challenges. Against this backdrop, Multi-Asset Strategist Cara Lafond and Investment Directors Amar Reganti, Chris Perret, and Andrew Bayerl make the case for having an “all-weather” credit portfolio composed of carefully chosen building blocks.
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2022-11-15
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Portfolio sensitivity to interest-rate ups and downs: An analysis of the key drivers
For investors thinking about changes in interest rates and the impact on their portfolios, it’s important to consider what’s driving the change. Investment Strategy Analyst Daniel Cook explains how different asset classes react to changes in real yields and inflation expectations, to help investors manage risk and better understand portfolio bets.
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2022-11-30
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Changing “weather” patterns in alternatives and climate
Multi-Asset Strategist Adam Berger offers a forecast on the future of alternative and climate-related investing, with insights on manager selection, public/private allocations, climate-aware capital market assumptions, and a range of other topics.
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2022-11-30
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Five investment essentials for a post-pandemic world
As the world “gets back to business” in 2022, a cautiously optimistic outlook seems warranted. For investors, it may be a year to think thematically.
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2022-11-30
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Time to buy credit or Treasuries? Ideas on calibrating the trade-off
After hitting derisking triggers in 2021, many plans are looking ahead to the next trigger and thinking about how expensive the investment-grade credit market is currently. LDI Team members Connor Fitzgerald and Bill Cole offer metrics to aid the decision-making process and consider potential alternatives.
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2022-11-30
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Does the credit market still have something to offer long/short investors?
While there may be concerns about the beta potential in credit markets, Multi-Asset Strategist Cara Lafond offers three reasons to stay focused on the attractive alpha opportunities that long/short credit strategies may pursue.
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2022-10-31
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Countering climate risks through collaboration
Global Industry Analyst Alan Hsu and Dr. Philip Duffy of Woodwell Climate Research Center discuss the importance of close cooperation between investors and climate scientists when addressing climate action.
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Podcast
2022-10-31
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The evolution of derisking: Assessing new and time-tested liability-hedging ideas
As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.
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2022-09-30
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Strong but slowing growth: A tale of two narratives
Markets appear to be caught between two hard-to-reconcile narratives: The pace of economic growth looks poised to slow, but the level of growth is likely to stay relatively strong. Multi-Asset Insurance Strategist Tim Antonelli and Investment Strategy Analyst Daniel Cook offer insights for global insurers at this point in the cycle.
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2022-01-31
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Chinese government bonds: How do they measure up in a multi-asset framework?
As China’s bond market continues to grow in size and liquidity, we consider the potential role the country’s government bonds can play in diversifying a broader sovereign portfolio, improving yields, and offsetting equity risk.
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2022-08-31
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Investing amid the great inflation debate
The global economy is recovering and supporting the performance of risk assets, but rising inflation is a bogeyman now. Global Investment Strategist Nanette Abuhoff Jacobson and Investment Strategy Analyst Daniel Cook offer thoughts on how investors might navigate this mixed picture.
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2022-06-30
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Global Impact Annual Report
Improving lives and protecting the environment while delivering competitive returns are the dual goals of our impact equity and bond strategies.
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2022-04-30
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Are ESG and policy intervention game changers?
An accelerating focus on ESG and more aggressive policy interventions could change the way we invest in years to come. Marc Piccuirro assesses the implications for investors.
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2022-07-31
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Causes and effects of climate migration: Five essential insights
Climate-driven migration will have important social, economic, and geopolitical consequences. What experiences will drive people to leave their home? Which regions are at risk of disruption? Our Future Themes research team explores this complicated issue, including potential investment implications.
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2022-06-30
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Are we on the cusp of an unconstrained bond fund “renaissance”?
Portfolio Managers Brian Garvey and Brij Khurana and Investment Director Brian Doherty see unconstrained fixed income approaches, if properly implemented, as being well suited to the current (or any) market environment.
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2022-07-31
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Capital market evolution – Part 2: ESG’s massive growth in new issue markets
We explore the potential benefits of the growing ESG debt market and highlight the importance of avoiding greenwashing.
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2021-12-31
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Net Zero Asset Managers initiative
By targeting net-zero emissions, investors can contribute to the global decarbonization effort. But what does this mean in practice? How do we pursue net zero while aiming to deliver competitive investment returns for clients? Our incoming CEO discusses our net-zero commitment, and members of our Sustainable Investing Team explain how we are approaching it.
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Video
2022-06-30
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No way out? Why the Fed may be trapped
Shifting inflation dynamics could box the Fed into a corner and test its resolve going forward. Fixed Income Portfolio Manager Brij Khurana takes a closer look and considers the investment implications.
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Getting the balance right in today’s high-yield market
Our high-yield team assesses how to navigate today’s high yield market at a time of major spread compression.
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EM inflation has arrived, but will it stick around?
Emerging markets inflation has been top of mind for many investors lately. Macro Strategist Gillian Edgeworth, Equity Portfolio Manager Jamie Rice, and Fixed Income Portfolio Manager Michael Henry consider the outlook going forward and potential market implications.
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2022-07-29
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Water: Priced for imperfection
Water scarcity could have profound humanitarian and economic consequences. Members of our Future Themes research team share insights from their work, including why they believe water is woefully underpriced and how investors can effectively gain exposure to this important theme.
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2022-05-31
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Insurance Multi-Asset Outlook — Rising rates: Threat or opportunity?
Multi-Asset Insurance Strategist Tim Antonelli and Investment Strategy Analyst Daniel Cook argue that now may be an opportune time for insurers to adopt a more pro-risk stance, despite the potential headwind of rising rates.
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2022-03-31
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LDI Alert — Adding intermediate credit to the derisking tool kit: What plan sponsors need to know
With a growing number of derisking plans seeking exposure to intermediate credit, members of our LDI team highlight some key investment considerations.
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2022-03-31
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An insurer’s guide to fixed income: Setting the record straight on rates and credit
Investment Directors Abigail Babson, Amar Reganti, and Anand Dharan lay out their proposed framework for building a more resilient fixed income allocation that is equal to the challenges of today’s environment.
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2021-11-01
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Fighting downgrade drag to reduce pension liability lag
Even robustly constructed liability benchmarks can struggle to keep pace with the liabilities they are meant to represent, and credit-rating downgrades of issuers in the benchmark are a primary culprit. In this paper, members of our LDI Team define the problem and offer ideas to help plan sponsors and LDI managers work together to fight back.
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2021-11-30
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Debunking four common myths about CLOs
Fixed Income Portfolio Manager Alyssa Irving sets the record straight regarding CLO myths, including their potential risks and investment benefits.
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2021-01-31
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Muni market climate risk: Hidden perils, untapped opportunities
We believe the risks and opportunities associated with climate change should be part of the “mosaic” for how insurers approach the municipal bond market — and that now is the time to act.
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Quick Take
2020-11-30
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