The Take
on what the market gives us…
ESG Lessons from 2020 as we move into 2021
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January 8, 2021
Many asset owners are taking the lessons learned in 2020 and looking forward to a more sustainable and inclusive 2021 and beyond. Read More
Convexity and the Holiday Sweater that Just Doesn’t Fit
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January 6, 2021
Convexity matters, but only if it can be monetized. In some single-asset class strategies, convexity may only materialize during periods of illiquidity, which fails to deliver the desired results. Read More
Clipping Coupons
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December 16, 2020
Technology has materially changed investors’ access to information – we feel the key is to parse through the noise and focus on the strength of your security selection capabilities. Read More
Siri, What is Zero Divided by Zero?
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December 9, 2020
As rates have declined to generational lows, binomial pricing models may be compromised and bond/option valuations may require a more mosaic approach Read More
Paddle to The Sea of Income and Liquidity
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December 2, 2020
Although yields have declined to generational lows, high-grade bonds still offer valuable income and liquidity. But how do bond investors get comfortable with the possibility of negative returns from rising interest rates? Absent a crystal ball, we offer key considerations for assessing investment-grade fixed income risk/return in a world of low yields. Read More
Finding Gems in the Dark
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November 12, 2020
2020 has brought us all some uncertain times, but also some unique opportunities. The taxable muni market has continued to evolve and mature in 2020 and continues create new and attractive prospects for the portfolio. Read More
The Trick or Treat of Bond Convexity
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October 28, 2020
2020 has had its share of surprises, including interest rates dropping to near all-time lows. Although rate volatility remains tame for now, convexity is poised to be a larger piece of fixed-income performance at current yield levels. Thus, bond investors should be wary of nuances in this oft-overlooked risk factor. Read More
Tactical TIPS
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October 14, 2020
At IR+M, we avoid betting on the future of interest rates or inflation, but we aren’t afraid to take advantage of a market dislocation that presents alpha opportunity. Read More
The Roll is Like The Slide - The Steeper the Better
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October 7, 2020
Cross asset investing requires cross asset curve analysis. As curve dislocations occur, opportunities are created. Read More
The Cathedral and The Skyscraper
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September 30, 2020
In today’s uncertain environment, true bottom-up bond picking combines old-fashioned fixed income acumen with modern quantitative analysis. The result is a robust set of building materials that can be employed by an active manager to construct dynamic, flexible, and fundamentally sound portfolios. Read More