September 22, 2016

At Signature, we have been max underweight exposure to equity since the summer of 2014 and we have been defensively minded since the beginning of former Chairman Bernanke’s taper in May 2013. This view changed in August.  Now, three years and four months later, we are re-engaging risk. For the first time in this period, financial conditions in...

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September 12, 2016

Bonds make the world go round

By the turn of the 20th century, W.S. Gilbert’s famous expression, “love makes the world go round” infamously morphed into “money makes the world go round.” The latter withstood the test of time and was even cleverly adapted into a song for an American musical in the early 1970s: “Money...

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September 1, 2016

It looks like I may have to hitchhike again when I go on my next trip to Midland, Texas to meet with some of the Permian companies that we hold in our portfolios. On my first visit there about six years ago, I wasn’t able to find a cab to take me from the airport to my hotel – but excitement and activity were at a fever pitch in the area at...

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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...

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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...

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