High-Yield
Corporate health remains supportive of tight credit spreads in both the US and Europe, but a growing divide is emerging beneath the surface. Investment-grade issuers continue to strengthen, while lower-rated borrowers face mounting pressures. Credit markets are pricing resilience, leaving investors vulnerable should corporate fundamentals begin to deteriorate.
Our Portfolio Allocation Summary for June 2026.
The divergence across frontier markets is likely to widen. Kenya, Kazakhstan, and Sri Lanka are well placed to outperform, while Pakistan is vulnerable. We offer several trade ideas to capture this divergence.
Our Portfolio Allocation Summary for May 2026.
We recommend increasing exposure to spread product as the US economy transitions back into a low rate vol regime.
Our Portfolio Allocation Summary for April 2026.
Our Portfolio Allocation Summary for March 2026.
Our Portfolio Allocation Summary for February 2026.
Our Portfolio Allocation Summary for January 2026.
Our Portfolio Allocation Summary for December 2025.