August 23, 2016

Given the volatility in the equity markets in 2016 we feel it’s time for an update on Signature Global Science & Technology Corporate Class. Coming into 2016 there was U.S. dollar headwinds, macro and political uncertainty. Credit spreads had moved wider on bankruptcy concerns linked to falling commodity prices and global central bankers...

read more
August 23, 2016

Many markets for inflation-linked bonds (also referred to as “linkers”) were born out of investor demand for both the safety of government debt relative to comparatively more credit risky borrowers, as well as real income that is protected from the risk of higher inflation. Although the income potential has been gradually squeezed from these...

read more
August 5, 2016

Managing global fixed income in a negative-yielding world

Bear with me for a second as I review some investors’ “favourite” (predominantly negative yielding) bond market: Japan. At the start of this year, the universe of Japanese government bonds yielded somewhere in the vicinity of 0.3%. Today, they yield -0.1%. That...

read more
July 27, 2016

I’ve had enough of the military analogies for unconventional monetary policy, bazookas and all that. It’s time for something new to freshen up this dull global deflation story. I just watched the clip from the movie Pulp Fiction where John Travolta plunges a massive adrenaline shot into an unconscious Uma Thurman’s chest and thought, that’s...

read more
July 19, 2016

Background

Investors with long dated liabilities such as defined benefit pension plans and insurance companies are familiar with the use of long government bonds to hedge their interest rate exposure. The most successful of these organizations, have followed a disciplined approach to progressively add to their liability...

read more

Pages

Subscribe to Front page feed