Michael Cembalest analyzes the performance of over 6,700 domestic and international active equity managers, and discusses the challenges they face outperforming at a time of markets distorted by quantitative easing.
Investment grade and high yield credit in emerging markets have delivered divergent performance over the summer. Could this trend reverse, or is investor caution warranted in the high yield space?
As a recovery in macro data produces glimmers of hope for the global economy, we question whether there is any value buying risk assets heading into the final month of the year, or if the market first needs more clarity on a trade deal to price in its con
We emerged with a cautious near-term view from our latest quarterly strategy meeting in early September. In our base case scenario, the global economy is expected to narrowly avoid recession and continue to grow, albeit much more slowly.
European high yield spreads are still above their long-term tights, but that doesn’t take quality into account. Are fundamentals robust enough to justify taking more risks?
Emerging market debt is underpinned by a solid fundamental backdrop, but the local index is at all-time tights. A differentiated approach seems warranted.
We may not be outright US dollar bulls, but fundamentals and quantitative valuation factors both suggest that investors are currently too negative on the currency.
What would a Conservative government mean for sterling?