Fixed income
US Macro Strategist Juhi Dhawan looks at the surging US debt through the lens of the credit rating agencies and offers thoughts on what it will take to avert a downgrade.
April 2021
US public debt: Is there a downgrade in the making?
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Wellington specialists offer their views on the key themes transforming the investment opportunity set today.
March 2021
APAC Investment Forum 2021
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With a growing number of derisking plans seeking exposure to intermediate credit, members of our LDI team highlight some notable differences between the intermediate and long-duration segments of the investment-grade market, as well as some key investment considerations.
March 2021
LDI Alert —
Adding intermediate credit to the derisking tool kit: What plan sponsors need to know
Adding intermediate credit to the derisking tool kit: What plan sponsors need to know
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Fixed Income Investment Directors Amar Reganti and Anand Dharan make the case for Canadian investors to broaden the fixed income "toolkit," including a more diversified approach to credit investing.
March 2021
Canadians’ credit conundrum
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Amid massive changes in the credit market and growing demand for fixed income diversification, the authors explain why long/short credit strategies could help round out a portfolio of traditional and private credit investments.
March 2021
Bridging the gap in credit portfolios with a long/short strategy
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Fixed Income Portfolio Managers Kevin Murphy and Michael Henry are broadly constructive on EM debt for the remainder of 2021. However, country, sector, and issuer selection will be critical to navigating a still-risky landscape that remains dependent on continued liquidity support from the developed world.
March 2021
EM debt: The winding path to post-COVID recovery
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A custom, multi-manager solution may provide some compelling benefits and enable DC plan sponsors to take their fixed income offering to the next level for plan participants.
February 2021
Cookie cutter or custom? Rethinking fixed income in DC plans
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Globalization has increasingly begun to backpedal amid rising populism and a renewed emphasis on global competition over cooperation. Fixed Income Portfolio Manager John Soukas and Investment Director Chris Doherty discuss the implications and the role of active management in this shifting landscape.
February 2021
From globalization to a “zero-sum” game
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Perhaps the most confounding question of all: How does one even measure “success” in such a heterogeneous investment realm? Fixed Income Investment Directors Anand Dharan and Amar Reganti lay out a robust framework for doing so.
January 2021
Taking the mystery out of multi-asset credit investing
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As we head into the new year, thought leaders from across our investment platform share their views on pressing questions.
December 2020
2021 Investment Outlook
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Mercifully for many market participants, 2020 is drawing to a close. Despite persistent risks and challenges in today's extraordinary environment, Fixed Income Portfolio Managers Rob Burn and Campe Goodman see areas of value and opportunity for fixed income investors heading into 2021.
December 2020
2021 Fixed Income Outlook
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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.
November 2020
Fighting downgrade drag to reduce pension liability lag
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As the world transitions to a low-carbon economy, investors need to prepare to manage attendant risks and opportunities in client portfolios. Members of our Fixed Income and Climate Research Teams share their approach to quantifying material climate transition risks and mitigating portfolio-level exposure.
November 2020
Clearing the air: Assessing climate transition risks in credit portfolios
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Director of Alternatives Danny Sharp explores the future of alts — discussing dispersion in today's markets, the opportunities it presents, and the impact of the COVID-19 pandemic on the alternative investments landscape.
November 2020
The future of alternative investments
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Multi-Asset Strategist Tim Antonelli offers four major themes and recommendations for insurers that have arisen from his scenario analysis, stress testing, and strategic asset allocation reviews during the past several months.
October 2020
The path forward for insurers
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Credit market dispersion remains elevated, and market dysfunction related to liquidity and other factors hasn't gone away. Investment Director Chris Perret explains why and what it means for alternative credit strategies.
October 2020
Credit market recovery? Take a closer look through an alternative lens
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Concerned about concentration risk, liquidity issues, and other factors that can affect long corporate bond allocations, derisking pension plans are seeking opportunities to diversify their liability-hedging allocations. In this paper, members of our LDI Team share their research on securitized assets as a potential alternative.
September 2020
Expanding the liability-hedging tool kit: A securitized solution?
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Portfolio Manager Ryan Valente offers his insights on today's dispersion-driven credit opportunities, changes since the COVID-19 pandemic, and the value of managing alternatives credit at Wellington.
September 2020
Credit dispersion continues: Q&A
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Multi-Asset Portfolio Manager Brian Garvey humbly reflects on 20 years of opportunistic and thematic investing.
September 2020
Opportunistic investing: 20 years, 8 lessons
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In the wake of severe credit-market dislocations earlier this year, Fixed Income Portfolio Manager Mahmoud El-Shaer shares his thoughts on the growing importance of credit research in a still-uncertain environment.
August 2020
Credit research looms large in the era of COVID-19
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Wellington’s fixed income impact portfolio manager explains his team's approach to impact investing and how they are working to deliver attractive returns while addressing pressing global challenges.
July 2020
Expanding the impact opportunity
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Learn why we believe today's credit market dislocations will persist into the future, providing exploitable inefficiencies for opportunistic fixed income investors.
July 2020
Imbalanced credit markets create opportunities
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Amid the historic economic and market turmoil of the COVID-19 crisis, we believe underlying credit market conditions have yielded a variety of potential investment opportunities. In this paper, the authors outline four drivers of opportunity and consider the role different alternative credit strategies may play in pursuing them.
June 2020
Dislocation, dispersion, dysfunction, and distress: Why credit markets call for alternative strategies
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The upcoming sunset of LIBOR will mark a significant change for fixed income markets. Our team explains why thoughtful planning and preparation will be critical to a successful transition for client portfolios.
June 2020
Are investors prepared for LIBOR’s demise?
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Investment Specialist Jake Otto argues that lower hedging costs and a lagging European recovery may warrant a more globalized scope to these investors' fixed income toolkit.
June 2020
Calling all EUR income investors
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A framework that combines long-term strategic themes, market-neutral approaches, and tactical positions can be well positioned for generating returns in today’s challenging bond markets.
June 2020
Seeking total return from fixed income: The three key ingredients
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Since March 23, the new-issue volume of investment-grade corporate bonds has been staggering. Director of Capital Markets Ronan McCullough and Fixed Income Trader Keenan Choy look at the implications of this recent supply surge.
May 2020
What record investment-grade issuance says about corporate sentiment
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Market volatility has corporate DB plans grappling with questions related to rebalancing, rerisking, and liquidity. In this publication, members of our LDI team offer their market outlook, an update on funded ratios, and insights on rebalancing and liability hedging.
May 2020
Helping DB plans assess the environment: Credit outlook and rebalancing insights
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In this volatile environment, learn why we believe an advanced beta approach to ELD investing can significantly improve upon the risk profile of traditional ELD beta.
April 2020
Emerging Local Debt – Advanced Beta: The potential to mitigate risks in today’s crisis
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Amid ongoing credit-market turmoil, Fixed Income Investment Directors Anand Dharan and Amar Reganti believe now is a good time to consider flexible, opportunistic solutions designed to exploit rapidly-shifting market dislocations.
April 2020
Contingent solutions for uncertain credit markets
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