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💷 HY Strategy Portfolio: 14.2% returns in 5 Months
Market Overview Mid-August greetings - and what a surprise. The US equity markets are toying with a record high in the case of the S&P index. Other markets are feeding off it, rising tides and all that. Should it be so? We're still gripped by the coronavirus pandemic, as well as the timing of potential for the development of an effective vaccine (facing continual lockdowns [...]
👣 Feet up for summer
But difficult to put pandemic behind us... The fat lady's been belting out the tune at the top of her voice. It sometimes feels like it's all over. European country GDP numbers for Q2 were worse than feared. The US economy contracted by almost a third year on year, or some 9.5% quarter on quarter, in Q2. Relations between the US (and increasingly by the 'western' world) with [...]
🌬️ Headwinds, but we’re working through them
We shall overcome... In credit, there isn't too much going on, save for a gentle squeeze taking IG spreads back to levels last seen in early March, taking in a 21bp tightening so far in July. The recovery in the high yield market is a little more circumspect - which is understandable, but with the iBoxx index now at B+485bp it is 40bp tighter this month so far. And the AT1 m [...]