This Fixed Income Groups is setup to discuss and keep Users allerted to development within the Fixed Income Space.

Fixed Income is an important part of a diverified portfolio, but has often caused a  drag on overall portfolio performance. However the way Fixed Income exposure is structured is also evolving fast. The number of Fixed Income Derivatives is likewise expanding, and I hope the Group can function as a space where Users exchange knowledge and thoughts around innovative Strategies.

 

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JPMorgan launch active Developed Markets HY Strategy Fund

Dear Investors and Partners!

JPMorgan is out with a new active ETF that target HY debt securities mainly in the Developed Markets. This is the first active ETF within this segment, but note the mandate is rather broad, reaching into equities and Emerging Markets. I would say de facto it is a go everywhere active HY income strategy.

Fee: 0.4 after fee waiver

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Franklin Templeton launch Active ETF on IG Corporate Credit

The Fund invests primarily in U.S. dollar denominated corporate debt securities issued by U.S. and foreign companies. 

The investment manager uses a “top-down” analysis of macroeconomic trends, combined with a “bottom-up” fundamental analysis of market sectors, industries and issuers, to try to take advantage of varying sector reactions to economic events. 

Fee: 0.4 Bps after fee waiver.

You will find the fund here

Factor Investing in the Corporate Bond Market

Robeco's picture

The paper highlight empirical evidence that the Size, Low-Risk, Value and Momentum factors have economically meaningful and statistically significant risk-adjusted returns in the corporate bond market. Since the factors capture different effects, a combined multi-factor portfolio halves the tracking error compared to the individual factors. The returns are up to three times larger than the market, and cannot be explained by risk or the equivalent equity factors.

SPDR Europe launch Global Convertible Bond ETF

The objective of the SPDR Thomson Reuters Global Convertible Bond UCITS ETF is to track the performance of the investable global convertible bond market. It aims to do this by tracking the Thomson Reuters Qualified Global Convertible Index as closely as possible.

  The Thomson Reuters Qualified Global Convertible Index is designed to provide a broad measure of the performance of the investable, global convertible bond market.

Horizons launch Active Floating Rate Senior Loan ETF

The investment objective of Horizons HSL is to seek to provide Unitholders with a high level of current income by investing primarily in a diversified portfolio of U.S. senior secured floating rate loans, which are generally rated below investment grade (loans rated at or below BB+ by Standard & Poor’s, or a similar rating by a designated rating organization) and debt securities, with capital appreciation as a secondary objective.

Guggenheim - High Yield and Bank Loan Outlook

High-yield bonds are entering a realm of relative overvaluation but spread compression may nevertheless continue. Continued demand from both individual and institutional investors should drive high-yield spreads tighter until default rates rise - something we do not expect will happen until 2016 or beyond. This investment climate suggests floating-rate assets, particularly bank loans and collateralized loan obligations, will likely continue to outperform. We continue to monitor for any weaknesses in leveraged credit that could influence how we position our portfolios defensively.

JPMorgan launch active Developed Markets HY Strategy Fund

Dear Investors and Partners!

JPMorgan is out with a new active ETF that target HY debt securities mainly in the Developed Markets. This is the first active ETF within this segment, but note the mandate is rather broad, reaching into equities and Emerging Markets. I would say de facto it is a go everywhere active HY income strategy.

Fee: 0.4 after fee waiver

***

Franklin Templeton launch Active ETF on IG Corporate Credit

The Fund invests primarily in U.S. dollar denominated corporate debt securities issued by U.S. and foreign companies. 

The investment manager uses a “top-down” analysis of macroeconomic trends, combined with a “bottom-up” fundamental analysis of market sectors, industries and issuers, to try to take advantage of varying sector reactions to economic events. 

Fee: 0.4 Bps after fee waiver.

You will find the fund here

SPDR Europe launch Global Convertible Bond ETF

The objective of the SPDR Thomson Reuters Global Convertible Bond UCITS ETF is to track the performance of the investable global convertible bond market. It aims to do this by tracking the Thomson Reuters Qualified Global Convertible Index as closely as possible.

  The Thomson Reuters Qualified Global Convertible Index is designed to provide a broad measure of the performance of the investable, global convertible bond market.

Horizons launch Active Floating Rate Senior Loan ETF

The investment objective of Horizons HSL is to seek to provide Unitholders with a high level of current income by investing primarily in a diversified portfolio of U.S. senior secured floating rate loans, which are generally rated below investment grade (loans rated at or below BB+ by Standard & Poor’s, or a similar rating by a designated rating organization) and debt securities, with capital appreciation as a secondary objective.

Guggenheim - High Yield and Bank Loan Outlook

High-yield bonds are entering a realm of relative overvaluation but spread compression may nevertheless continue. Continued demand from both individual and institutional investors should drive high-yield spreads tighter until default rates rise - something we do not expect will happen until 2016 or beyond. This investment climate suggests floating-rate assets, particularly bank loans and collateralized loan obligations, will likely continue to outperform. We continue to monitor for any weaknesses in leveraged credit that could influence how we position our portfolios defensively.

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