Thought Leadership

Bulletin: Corporate Credit Reaction to New Political Landscape

November 23, 2016

Please click here to read the analysis by Miriam Legrand on the corporate credit market reaction to the changing US political landscape.

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Bulletin: Post-Election Market Reaction

November 11, 2016

Please click here to read the analysis by Jonathan Lewis on the market’s reaction to the presidential election.

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Taxable Fixed Income 3rd Quarter Commentary

October 28, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights Recent years have been littered by crises that threatened to undo the post Great Recession recovery. This parade of crises has sustained accommodative central bank policies, low rates, and investors’ search for yield. We believe that […]

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Tax Efficient Fixed Income Market Commentary: 3rd Quarter 2016

October 11, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights The continued strong performance of fixed income markets during early July contributed to our decision early in the quarter to reduce our average duration targets to a neutral position from being moderately long. Although the Fed […]

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Bulletin

September 23, 2016

Please click here to read the analysis by Jonathan Lewis on the market’s reaction to central bank decisions.

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Fiera Capital Taxable Fixed Income 2nd Quarter Commentary

July 22, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights As the year progressed, interest rates were driven to historic lows by the buying patterns of price-insensitive central bankers and rising fear in the markets, particularly with the Brexit vote. We held the view that this […]

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Bulletin: Brexit Risk Indicators – One Week Later

July 01, 2016

In this piece, CIO Jonathan Lewis discusses the economic response to Britain’s decision to leave the European Union. Bulletin Highlights: Although risk indicators rose following the Brexit vote, they did not rise to levels with either crisis or more sustained market correction. If volatility markers remain stable or begin to fall, we will increasingly expect […]

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Bulletin: Crisis or Opportunity?

June 20, 2016

In this piece, CIO Jonathan Lewis and Senior Vice President of Quantitative Strategies, Iraj Kani discuss whether the possibility of Britain leaving the European Union (Brexit), lackluster macroeconomic data and central bank policy responses provide a risk-on opportunity. Bulletin Highlights: Although we believe the trends in intermarket relationships highlight fears for the global economy ahead, […]

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Bulletin: Federal Open Market Committee Minutes

May 19, 2016

Please click here to read the analysis by Jonathan Lewis on yesterday’s FOMC minutes, the market’s reaction, and potential buying opportunities.

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Tax Efficient Fixed Income Market Commentary: 1st Quarter 2016

April 28, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Despite slow and steady growth throughout 2015, the first quarter of 2016 opened with volatility spurred by concerns about weakening global growth eventually pervading domestic markets.    Given municipals’ continued richness despite market volatility and widening spreads […]

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