High-Yield

Our Portfolio Allocation Summary for September 2023.

Our Portfolio Allocation Summary for August 2023.

This week we present our Portfolio Allocation Summary for July 2023.

We build a four-stage business cycle framework based on economic growth and capacity utilization, and then analyze historical returns for most major asset allocation decisions for each stage. Given that we are in the early recession stage (negative growth coupled and an overheated economy), our framework recommends a defensive positioning across all asset classes.

This week we present our Portfolio Allocation Summary for June 2023.

This week we present our Portfolio Allocation Summary for May 2023.

This report looks at the relationship between rate risk and credit risk and how it has changed over time. It also makes the case for favoring agency MBS within an underweight allocation to US spread product.