By Loren Asmus
While inflation has moderated, the Consumer Price Index (CPI) remains above the Federal Reserve’s (the Fed’s) 2% target. The Fed continues to signal a restrictive policy stance and has maintained the Fed Funds rate above 5% longer than the market initially anticipated. Meanwhile, the U.S. Treasury continues to issue ne…
By Loren Asmus
Short-term fixed income and money market funds presently provide attractive absolute yields compared to rates over the last 15 years. Consequently, investors are opting to reduce their duration exposure and allocate to cash-equivalent or near-maturity fixed income securities. While intriguing in the short run, there ar…
By Loren Asmus, CFA, CAIA
The Fiscal Responsibility Act of 2023 was signed into law on June 3, 2023, effectively resolving the U.S. debt ceiling crisis that had unsettled markets for several months prior. While a resolution to this issue is welcome, it raises important questions about potential consequences for the U.S. economy. In Part I of th…
By Loren Asmus, CFA, CAIA
Since the Great Financial Crisis (GFC), the private credit market has grown from approximately $300 billion to over $1.2 trillion in size. In Part III of this blog series, we discuss different private credit sub-asset classes and review their merits and risks. We also examine how private credit fits within a well-diver…
By Loren Asmus, CFA, CAIA
The private credit asset class has grown immensely since the Great Financial Crisis (GFC). In Part II of this blog series, we discuss private credit performance and volatility relative to public credit. We also examine private credit relative to other private capital sub-asset classes.
By Loren Asmus, CFA, CAIA
The private credit asset class has grown immensely since the Great Financial Crisis (GFC). In Part I of this blog series, we discuss the recent evolution of the lending market, define the below investment-grade (IG) universe and outline direct lending, which is a core component of private credit.
By Loren Asmus, CFA, CAIA and Matthew Lui, CFA, CAIA
The 60/40 portfolio of stocks and bonds is a simple idea. Put 60% of your money in stocks, which provide growth. Invest the remaining 40% in bonds, which provide downside protection.
For many years, investors have been using this mix, or a variant of it, when building portfolios. It has performed admirably, producing…
By Loren Asmus, CFA, CAIA
As the world digested the severe health and economic impact of COVID-19 in March of 2020, markets experienced a dramatic drawdown that has not been witnessed since the Great Financial Crisis. In particular, a brief run on liquidity created large technical dislocations in fixed income and credit segments, and market par…
By Loren Asmus, CFA, CAIA
In the third part of our three-part series on ESG, we will focus on impact investing and how it can be implemented across client portfolios. Impact investing is an approach that seeks specific outcomes for ESG-related issues. The segment focuses on intentionality of investments and seeks to measure the impact of desire…
By Loren Asmus, CFA, CAIA
In the second part of our three-part series on ESG, we will focus on best-in-class selection and how it can be implemented across client portfolios. Best-in-class selection integrates ESG factors into the investment process and can further enhance an investor’s values and/or the risk-adjusted returns within the portfol…
By Loren Asmus, CFA, CAIA
In 2018, Canterbury formed an internal environmental, social, and governance (ESG) committee to synthesize and streamline the ever-growing ESG investment universe. The committee has since created a framework and toolkit to assist clients in finding customized ESG solutions that align with their mission, values, or inve…
By Loren Asmus, CFA, CAIA
On Wednesday, July 31st, the Federal Reserve cut interest rates for the first time since the Great Financial Crisis. The 25 basis point cut was effectively an insurance policy to help quell concerns over the possibility of an economic slowdown, even as the U.S. experiences solid growth. We will discuss the reasons and…
