The Take
on what the market gives us…

The Process (Portfolio Construction)
By: Ed Ingalls — September 15, 2021

Just like with car shopping, where there are many models to choose from, fixed income portfolio construction also comes in many styles, whether macroeconomic-focused, sector-oriented, or bottom-up.
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Why We’ll Never Forget
By: Ed Ingalls — September 9, 2021

As we reflect on what happened 20 years ago, and mourn the lost lives of innocent civilians, first responders, and our military killed in action, it is easy to be overcome by emotion. The profound sadness experienced by survivors and those who lost loved ones will never really subside. While we will always remember all who suffered unspeakable losses that day and in the following years, we hope that we can continue to move forward with light, kindness, and unity.
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Will The Real Rate Please Stand Up?
By: Jake Remley — September 1, 2021

A heavyweight fight is brewing, and fixed-income investors sit ringside. Interest rate Bulls have the steepness of the yield curve, threats to global growth from COVID variants, and labor market slack in their corner. Interest rate Bears have rising inflation data, highly negative real yields, and heightened Treasury supply in their corner. Both await the ding-ding of the bell by the Federal Reserve.
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ESG in Fixed Income
By: Allison Walsh — August 26, 2021

How incorporating ESG into our research process has helped me sleep a little easier at night.
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Rocky Road in a Waffle Cone with Gummi Bears on Top
By: Angela Meringoff — July 29, 2021

Customizing a fixed income portfolio can be like ordering off-menu at a restaurant; do you want to eat the chef's famous dish, or would you rather have a meal cooked to your specifications?
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Short Corporate Convexity – A Monster Lurks Beneath
By: Wesly Pate — July 21, 2021

The range-of-returns profile of the front-end corporate market is evolving rapidly. Callable bond exposure in the front-end investment-grade corporate market has increased fourfold over the past decade, but traditional bond price calculations fail to fully reflect the relative value dynamics that can exist.
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Securitized Sudoku: An Investor’s Trilemma
By: Jake Remley — July 14, 2021

Securitized products have gradually become more heterogeneous. No longer can the securitized universe be simply considered a short, stable yield-alternative to unsecured credit. New collateral types and structures offer enticing yield, but investors must be cognizant of the trade-offs with liquidity and cash flow stability.
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Have You Filled a Bucket Today?
By: Amy DiMarzio — June 30, 2021

Last week, we at IR+M held our eighth annual Week of Giving. Together, we filled the buckets of 43 different charities. Over the course of the week, our individual buckets were filled many more times than 43.
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Dad Jokes, Star Wars, and Convexity
By: Wesly Pate — June 23, 2021

Convexity is a critical part of bond management but often is less understood by many market participants. Following some post-Father’s Day dad jokes, we jump in to provide an explanation of convexity that we hope serves to clear up some typical confusion on the topic.
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Identical or Fraternal? It’s Not Always Obvious.
By: Amy DiMarzio — June 10, 2021

You know the old saying – you can’t judge a book by its cover. This adage is definitely relevant to credit research, where it is vitally important to dig deep and consider all factors – especially those related to E, S, and G.
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