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Fixed Income
What should investors know about the potential impact of taxes, short-term interest rate changes and, the corporate credit cycle on fixed income markets? Our analysts also discuss additional topics that include customized liquidity management solutions and advantages of active management.
Chris Shipley, Blake Stanislaw, CFA, Brent Miller, CFA
Gain timely insights into the Fed's larger-than-expected rate cut, learn what to watch from upcoming labor market data, and explore the outlook for mortgage rate movement and investment implications.
Learn how structural changes in leveraged credit markets are reshaping high-yield credit spreads, and gain insights for strategic portfolio positioning.
For 3Q 2024, Fort Washington is positioning portfolios with risk toward the lower end of our typical range, given historically tight spreads and uncertainty around economic growth. This article explores interest rate volatility, labor market data, and the impact of Fed policy changes on investment strategies.
Investors have flocked to Money Market Funds due to attractive yields, but as the Federal Reserve is expected to start cutting rates soon, extending duration in investment portfolios has the potential to enhance returns.
Fort Washington is positioning fixed income portfolios with modest risk for 2Q 2024 amid tight spreads and economic uncertainties. This article explores the impact of Fed policy changes, persistent inflation, and mixed economic signals on investment strategies.
An inverted yield curve, in which yields on longer-dated bonds are below those for shorter-dated instruments, has correctly predicted the last nine U.S. recessions in the post-World War II era. However, this winning streak could be coming to an end, as the U.S. economy has displayed surprising resilience to the Federal Reserve’s tightening during the past two years.
Securitized markets have matured notably in the last 10 to 15 years and may offer attractive yields and diversification. This paper outlines the evolution of Securitized Products and how investors may benefit from allocating to the growing asset class.
Given the fluctuations in fixed income markets this year, Fort Washington anticipates that security selection will play a major role in generating alpha, as credit spreads are expected to remain range-bound and tight across most sectors. This article delves into the firm’s perspective and describes its strategy for positioning its fixed income portfolios.
In anticipation of the upcoming year, investors are eminently focused on a pivotal question: Are the Federal Reserve's interest rate hikes concluded, and is a rate reduction on the horizon for the next year? While interest rate expectations always matter, the gyrations of financial markets – stocks, bonds, and the dollar — have been dominated the past two years by expectations about what the Federal Reserve will do.
This article explains common multi-asset fixed income approaches, including Core, Core Plus, Multi-Sector, and Unconstrained fixed income strategies. A non-traditional fixed income allocation can complement Core and Core Plus strategies, act as a standalone fixed income solution for those wanting to add more portfolio risk, or serve as a substitute to equity strategies.
This article discusses Fort Washington's Strategic Income Strategy, which is designed to provide investors with a high level of current income and total return with a focus on capital protection with differentiated returns compared to traditional fixed income.
This article outlines how the subprime auto financing and securitization industry has been tested and refined through multiple economic cycles. Investors today have a wealth of historical data useful for analyzing the universe of subprime auto asset-backed securities (ABS).
Securitized products may offer an attractive long term risk/return profile and offer alternative potential sources of both income and return. Fort Washington’s Securitized Fixed Income team focuses on thoughtfully selecting securities priced below their intrinsic value. Our highly experienced managers seek relative value opportunities in a difficult to navigate space.
With interest rates historically low and traditional cash investments earning close to 0%, the value of optimizing short-term monies has never been more important. By fostering strong communication, thoroughly understanding clients’ cash needs, and how these needs change on a real-time basis, Fort Washington's Liquidity Management Team can provide a scope of service beyond what is typically expected of investment managers.
Understanding cash segmentation can help organizations properly balance risk, return, and liquidity. Partnering with the team at Fort Washington can help organizations manage excess cash and benefit from proper liquidity management. Active cash management requires effective and regular communication with clients, a key tenet of Fort Washington’s Liquidity Management Strategy.
Fort Washington's Multi-Asset approach overcomes shortcomings associated with traditional balanced stock/bond portfolios while adding value through active management.
Over the past year, the Fed has raised short-term rates from 1% to 2% which has had a negative effect on the entire fixed income spectrum. This has been especially true within EM.
Given the number of variables in the global economy, there is enormous uncertainty and biases in these forecasts and recognize them as not much more than glorified guesses.
As cash investors approached the one year anniversary of money market reform, we at Fort Washington ask, "Did you evaluate your cash management strategy?"
Fixed Income
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