Tax Efficient Fixed Income Market Commentary: 1st Quarter 2016
This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Despite slow and steady growth throughout 2015, the first quarter of 2016 opened with volatility spurred by concerns about weakening global growth eventually pervading domestic markets. Given municipals’ continued richness despite market volatility and widening spreads […]
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High Grade Review and Outlook: 1st Quarter 2016
This commentary reviews the previous quarter and discusses our outlook and investment approach for the next quarter for our high quality taxable fixed income strategies for endowments, foundations and other non-taxable entities. Commentary Highlights: Although 2016 opened to a confluence of market concerns over slumping energy prices, defaulting energy loans, and decelerating Chinese growth, we […]
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Currency Bulletin
In this piece, CIO Jonathan Lewis and Senior Vice President of Quantitative Strategies, Iraj Kani discuss the impact of FX volatility and the US dollar rally. Bulletin Highlights: Currency markets have recently been a major source of market instability globally, as evidenced by the ripple effects of China’s surprise devaluation of its currency. As a […]
Market Review and Outlook: 4th Quarter 2015
This commentary reviews the previous quarter, and discusses our outlook for the months ahead. Commentary Highlights: The US economy generated slow and steady growth throughout 2015. Although low by historical domestic standards, this consistent performance was markedly strong relative to the international developed world. Positive economic growth and good job creation numbers helped bolster the […]
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High Grade Review and Outlook: 4th Quarter 2015
The commentary reviews the previous quarter and discusses our outlook and investment approach for the coming year for our high quality taxable fixed income strategies for endowments, foundations and other non-taxable entities. Commentary Highlights: US interest rates were caught in a tug of war between positive domestic news, and a deteriorating global environment. Higher US […]
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Bulletin: Fed at Lift-off: How Markets Responded to Previous Tightening Cycles
In this piece, Senior Portfolio Manager Brian Meaney explores how prior rate hiking cycles have impacted markets. Bulletin Summary: During each rate hike, unemployment declined and inflation rose. Stocks generally had positive performance in each period. TIPs outperformed nominal Treasuries in prior cycles. We believe investors can be rewarded by evaluating and questioning the conventional […]
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Bulletin: High Grade Corporate Event Risk
In this piece, Corporate Credit Research Vice President Miriam Legrand reviews how Samson navigates growing event risk in the corporate sector. Bulletin Summary: Event risk, largely influenced by shareholder activists, has been growing in the corporate sector. Shareholder activism, primarily in the form of share buy-back activity, corporate restructuring and mergers and acquisitions, has recently […]
Bulletin: The Fed, Wall Street, Indecision, and Bonds
In this piece, Portfolio Manager Joseph Abraham reviews the determinants of the Federal Reserve’s interest rate policy and responses both on Wall Street and the US bond market. Bulletin Highlights: Low levels of inflation and job creation relative to the Fed’s targets significantly reduced support for a rate hike in the third quarter of 2015. […]
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High Grade Review and Outlook: 3rd Quarter 2015
The commentary reviews the previous quarter and discusses our outlook and investment approach for the next quarter for our high quality taxable fixed income strategies for endowments, foundations and other non-taxable entities. Commentary Highlights: US interest rates and inflation fell for the quarter, led by decelerating US economic indicators, the appreciation of the US dollar, […]
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Market Review and Outlook: 3rd Quarter
This commentary reviews the previous quarter, and discusses our outlook for the months ahead. Commentary Highlights: Multiple factors contributed to pressuring interest rates significantly lower: – In August, China devalued its currency with no advance notice, causing an increase in speculation of the overall health of their economy. This caused a chain reaction of turmoil […]