Thought Leadership

All Eyes on Washington, but Many Critical Issues Move Forward at the State Level

May 04, 2017

While we wait for additional clarity out of Washington, including the ultimate outcome of the health care bill, states have been taking action and pursing proposals that may have significant downstream credit impacts on local governments.

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Hedge Fund Investing: Without a Crystal Ball (or Basketball)

May 04, 2017

Recently, retail investors have started to pay more attention to “liquid alternatives” investment strategies. This commentary outlines a few of the things investors should keep in mind when considering investing in liquid alternatives.

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Taxable Fixed Income 1st Quarter Commentary

May 04, 2017

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Bond yields stabilized as central banks reiterated their cautious approach to tightening rates as the political process to enact tax reform and infrastructure programs will be more drawn out than expected. We are hopeful the economic […]

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Investing in Emerging Markets

April 24, 2017

In this white paper and webinar, Julian Mayo, Co-CIO at Charlemagne Capital, discusses the investment themes driving emerging markets today, and why previous underperformance has started to reverse.

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Tax Efficient Fixed Income 1st Quarter Market Commentary

April 12, 2017

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Municipals started off 2017 with strong performance, capitalizing on positive supply-demand technicals.     A significant drop in refunding activity led an overall 12% decline in new issuance. The stall in health care reform in Washington was […]

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Higher Education Credit Commentary

March 30, 2017

In this commentary, Kelly Puls, a member of the Fixed Income Credit Research team, discusses the role of higher education in the municipal market and four key factors for evaluating higher education credit health:   A low tuition growth environment Decreased state support Federal policy changes Level of student debt Please click here to read the commentary.

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Executive Order Threatening Sanctuary Cities: Potential Impact on Municipal Credit Ratings

February 16, 2017

Judy Wesalo Temel, Senior Vice President and Director of Credit Research, shares her comments on The Wall Street Journal‘s article entitled “Sanctuary Cities May Not See Borrowing Hit From Trump Order.” “The article in The Wall Street Journal was timely and brought up a number of interesting points. We believe it is reasonable to conclude that municipal […]

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Taxable Fixed Income 4th Quarter Commentary

February 03, 2017

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Political surprises in 2016 marked the return of volatility to the markets. Performance in various investment grade sectors varied greatly, with inflation-protected securities outperforming Treasuries and lower quality segments outperforming investment grade corporate bonds. Our view […]

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Early Stage Investing and Seed Fund Opportunity

January 23, 2017

Forward-thinking investors have recognized that a subset of the hedge fund industry – hedge fund seeding – offers a potential opportunity to benefit not just from attractive investment returns, but from the hedge fund industry’s growth as well. For those investors who believe that the hedge fund industry will continue to grow, the environment for […]

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Tax Efficient Fixed Income 4th Quarter Market Commentary

January 13, 2017

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Record municipal issuance, higher US interest rates and concerns over how the new administration’s policies would impact municipal bonds led to a challenging quarter for the municipal bond market.     2016’s record level of new issue […]

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