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Convertibles 4Q 2025 Outlook
The U.S. convertible market posted strong year-to-date gains, supported by robust issuance and sector strength in AI and technology. With valuations elevated, we remain selective and focused on fundamentals.
Emerging Markets 4Q 2025 Outlook: Precision Matters
Emerging Markets continue to present compelling opportunities amid global resilience. With supportive macro trends—Fed easing, stable commodities, and a softer dollar—EM fixed income remains well-positioned. Yet with tight valuations and diverging policy paths, selectivity and research-driven positioning are key to capturing the next leg of returns.
Emerging Markets 4Q 2025 Outlook: Precision Matters
Emerging Markets continue to present compelling opportunities amid global resilience. With supportive macro trends—Fed easing, stable commodities, and a softer dollar—EM fixed income remains well-positioned. Yet with tight valuations and diverging policy paths, selectivity and research-driven positioning are key to capturing the next leg of returns.
Balancing Caution with Opportunity in Credit Markets
As spreads tighten and optimism runs high, disciplined positioning is essential. We’re emphasizing carry, quality, and diversification—favoring resilient A-rated issuers, selective high yield, and value in securitized and EM credit. With rate cuts on the horizon, we remain focused on balancing risk and reward across sectors while staying vigilant to both macro and idiosyncratic factors. Read our full Q4 2025 multi-sector outlook.
Strength Beneath the Surface
High yield credit continues its historic run, supported by strong fundamentals, renewed issuance, and steady demand. Yet with tight spreads and selective cracks emerging in leveraged markets, disciplined credit analysis remains essential.
Strength Beneath the Surface
High yield credit continues its historic run, supported by strong fundamentals, renewed issuance, and steady demand. Yet with tight spreads and selective cracks emerging in leveraged markets, disciplined credit analysis remains essential.
With Sticky Inflation, Markets May be Mispricing the Fed
Market optimism may be running ahead of reality. We see a slower, shallower Fed cutting path than markets currently discount, as sticky core inflation and resilient growth argue for patience. While political and leadership shifts could shape expectations, we believe any dovish turn will be modest. Read our latest Macroeconomic outlook for 4Q2025.