Global Perspectives

  • Powell Tempers the Fed’s “Hawkish Cut”

    While the Fed met expectations in its latest interest rate reduction, it signaled that hikes are a long way off.

  • Repo Market Rate Spikes, Bank Regulation and the QE Misnomer

    Recent stress in repo markets reflect the confluence of a shrunken Fed balance sheet amid steady economic growth and increasing capital and liquidity regulations on banks.

  • What's Driving the Market Rotation from Growth to Value?

    A rising Treasury yield amid better economic data, easing macro risk and a few more monetary injections may be spurring the rotation. Corroborating, so far, a “mid-cycle adjustment”?

Investing is inherently complex. U.S. Treasury yields far below longer-term averages and compressed credit market spreads make fixed income challenging. Equity can generate attractive returns, and considerable volatility. Market Insights is Thornburg’s window into how we think about risk, reward and the myriad factors that drive risk-adjusted returns.

Parsing Long/Short Equity Liquid Alts Performance, Fees and Net Exposures

Investors interested in long/short equity mutual funds would be well advised to consider more than their much-more competitive fees vs. private hedge fund peers. To genuinely hedge the long components of a portfolio, look for lower net long exposures in a long/short equity allocation, and added value on the short side even in rising equity markets.

Guess What Delivered in Spades in Thornburg’s Internal 2017 Global 3 Stock/Security Competition?

At the beginning of every year, a number of investment professionals at Thornburg voluntarily place their informal, internal-only bets on which three securities—from stocks to currencies or other financial assets—might together produce the best beta-adjusted returns in the year ahead. In 2017, the winner was Sean Sun, whose three picks included bitcoin. The cryptocurrency skyrocketed last year, of course, helping Sean win the prizeless competition by a wide margin.

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