Our perspective on global micro event and strategies.
As an investment strategy analyst, Noah helps conduct research on multi-asset and multi-manager solutions, which includes leveraging the firm's best thinking on asset allocation, factors, risk allocation, and thematic and manager research. He works with investors and clients to understand investment objectives, conducts relevant analysis, and advises clients and their constituents on multi-asset, multi-manager, and customized solutions. The Investment Strategy Team acts as a trusted adviser and serves as a gateway to the firm's full capabilities by using a modular, scalable platform that allows us to achieve the investment outcomes desired by our clients and prospects. Noah focuses his efforts on research across the fixed income platform and runs plan-level analytics for clients and prospects on their existing portfolio lineup.
The short answer is no. While it’s a legitimate question (and one we’ve gotten quite accustomed to hearing), the reality is that both equity and fixed income market participants are often drawn to “cheap” assets by the allure of enhanced excess return potential. Here is some of my team’s latest thinking on value investing and why we think it’s relevant in credit markets.
For years, many fixed income investors have adhered to pretty loose definitions of what constitutes an overvalued (“expensive”) or undervalued (“cheap”) credit asset, typically based on whether its option-adjusted-spread is wide or tight versus a given risk-free asset (e.g., US Treasuries).
Our investment framework goes a step further with a more nuanced approach to the notion of “value” in corporate credit markets. We follow a…