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Recent Institutional Research

Playing with Fire

The Bond Liquidity Crunch—and What to do about it

When investors ask if an asset is liquid, what they usually want to know is: will they be able to get rid of it quickly, either to realize a profit or avoid a loss? But liquidity isn’t constant. It depends on many factors, from investor sentiment and behavior to market structure and conditions. And over the last few years, changes in all of these elements have combined to drain liquidity from the global bond market.

September 4, 2015

Fixed Income/Bonds

A Spectrum of Possibilities: The Emerging-Market Debt Tool Kit

Today, three decades after the phrase “emerging markets” was coined, the comparative strength of developing economies is one of the dominant themes in global investing. Emerging market (EM) countries account for about 85% of the world’s population and roughly half its gross domestic product (GDP). Thanks to a virtuous cycle of conservative fiscal policies, credible monetary policies, falling inflation and faster growth, EM sovereign credit metrics are now stronger than those of most developed economies. The International Monetary Fund expects emerging countries’ gross-debt-to-GDP ratio to fall below 30% by 2017, compared with 130% in the developed world.

August 6, 2015

Asset Allocation/Multi-Asset

Confronting the Income Conundrum

Today’s low-yield environment has created significant challenges for investors who need their portfolios to deliver a high and stable stream of income. But the yields available on traditional income-generating assets such as bonds, cash and high-dividend stocks often aren’t high enough to meet their needs.

June 1, 2015

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