No. We think most investors should not alter portfolios based solely on debt ceiling risks. Instead, they should remain focused on the long term and rely on the diversification in their existing portfolios. But given the potential for additional stress in funding markets, investors should ensure they have ample liquidity to meet upcoming capital calls […]
May 2023
India has garnered significant investor attention, given its recent economic and stock market outperformance, its large and growing population, and its rapid ascent as a manufacturing alternative to China. But should investors buy the hype surrounding Indian equities? We think India’s bright economic prospects have the potential to drive strong equity market returns in the […]
May 2023
Families of wealth are always curious about wealth management costs and often want to benchmark those expenses against their peers. Costs are an important consideration when devising an overall wealth management strategy. What is the right price and how is it determined? In some cases, a lower cost approach may not be sufficient to do […]
April 2023
More than a month has passed since Silicon Valley Bank (SVB) and Signature Bank failed, kicking off ripples of concerns across much of the globe. To look at the performance of risk assets, you would never know what transpired, with global equities returning 2.4% during March and 7% in the first quarter in local currency […]
April 2023
Introduction Aaron Costello, Regional Head for Asia, and Vivian Gan, Associate Investment Director, Capital Markets Research The path of global central bank tightening remains a top-of-mind question for investors after the recent stress in the US and European banking sectors. While financial contagion seems contained for now and has yet to spread to Asia, the […]
April 2023
No. We argue that after macro conditions helped propel the private investment industry to temporary heights, today’s environment has ushered in a “back to normal” era. Let’s back up a bit. In the COVID-19 period (defined as July 2020 through June 2022), all facets of the US private investment “ecosystem” were in overdrive. During that […]
April 2023
Yes. Aggressive central bank tightening has caused economic growth to slow in Europe and the United States, and we expect that the recent banking sector stress will further weaken economic growth. Now is the time for investors to tactically overweight quality equities, given this style has tended to outperform broad equities during periods of economic […]
April 2023
We believe now is an opportune time to allocate to direct lending. Dislocation in the public leveraged finance markets has allowed direct lenders to increase credit spreads and tighten terms. This, coupled with higher interest rates, means that first-lien senior-secured debt is now yielding low double digits. Recent turmoil in the banking sector may only […]
March 2023