Featured Insights


Chart of the Week

EARNINGS: A POSITIVE FOR PRICES

Source: Bloomberg, as of 9/07/2017. Past performance is no guarantee of future results. Indexes are unmanaged, and not available for direct investment. Index returns do not include fees or sales charges. This information is provided for illustrative purposes only and does not reflect the performance of an actual investment. 

Market Snapshot

Fed Week: The Great Balance Sheet Unwind?

All eyes are on Wednesday’s FOMC meeting, watching for clues on the details – and speed – of the Fed’s plans for its balance sheet; French labor unrest finally begins; Austria issues its first century bonds.


Insights

Market Outlook
Sep 20
Market Outlook

Mid-Week Bond Update

High Yield - bringing up baby?

September 20, 2017

US and European High Yield indices survived a general fixed income sell-off week, triggered by prospects of higher interest rates on both sides of the Atlantic. This resilience reflected the asset class’ increasing maturity and quality as well as a recently rising correlation...

Investment Insights
Sep 20
Investment Insights

Central Bank Watch

The Great Unwind Begins

September 20, 2017

The U.S. Federal Reserve (Fed) left its target rate unchanged, as was widely expected. But the bigger news is the beginning, in October, of the Great Balance Sheet Unwind, as the Fed moves toward policy normalization. Read on for insights from our Portfolio Managers:

Investment Insights
Sep 19
Investment Insights

ESG: Driving Better Investment Outcomes

September 19, 2017

CEO and CO-CIO Chris Clark and Director of Risk Management Gunjan Banati discuss the significance of incorporating Environmental, Social, and Governance Factors into Royce's investment process.

Investment Insights
Sep 19
Investment Insights

Above the Noise

EM and the Fintech Edge

September 19, 2017

Buzzwords tend to fizzle out as quickly as they come into fashion. But one concept has gained significant importance for emerging markets (EM) in recent years.

Investment Insights
Sep 19
Investment Insights

Above The Noise

Days numbered for the internal combustion engine?

September 19, 2017

Technological progress and broader pressure to deal with pollution – climate change – are rapidly conspiring against the internal combustion engine (ICE).

Market Snapshot
Sep 15
Market Snapshot

Fed Week: The Great Balance Sheet Unwind?

September 15, 2017

All eyes are on Wednesday’s FOMC meeting, watching for clues on the details – and speed – of the Fed’s plans for its balance sheet; French labor unrest finally begins; Austria issues its first century bonds.

Market Outlook
Sep 13
Market Outlook

Mid-Week Bond Update

EMs from (ugly) duckling to darling

September 13, 2017

Traditionally riskier parts of the bond universe, such Emerging Markets (EM) and High Yield, rallied over the past five trading days as geopolitical concerns eased, the aftermath of the recent US floods started to settle and as Europe and China continued to post positive data. EMs extended their year-to-date gains as local currencies gained and the asset class’ volatility continued to fall, just the opposite...

Investment Insights
Sep 11
Investment Insights

Municipal Market Update: August

September 11, 2017

Western Asset examines recent trends in the muni bond market and provides its outlook about conditions ahead.

Investment Insights
Sep 11
Investment Insights

Has the Phillips Curve Flattened?

September 11, 2017

Is the Fed's action the final nail in the coffin for the Phillips Curve, the model that describes the relationship between rates of unemployment and rates of inflation in an economy? We are not quite ready to throw in the towel on this theory.

Market Outlook
Sep 08
Market Outlook

How Could Small-Caps Surprise?

September 08, 2017

Co-CIO Francis Gannon discusses the ongoing consolidation in small-caps, while also touching on earnings, valuations, and the prospects of a pick-up in volatility.

Market Snapshot
Sep 08
Market Snapshot

The Fed in September: Eye of the storm?

September 08, 2017

The need for ready cash for disaster relief could factor into the Fed’s next move; The European Central Bank (ECB) sets a timeline; currencies grab the headlines; UK jobs boom raises Brexit issues.

Investment Insights
Sep 07
Investment Insights

Income

Time to switch gears?

September 07, 2017

After a decade of easy money meeting the cost of living has become increasingly challenging as yields on traditional income-generating assets have fallen and inflation has picked up. Investors have increasingly had to take on more risk to get less return. However, as the environment begins to shift, bringing with it the prospect of increased volatility and inflation, the role of income-generating assets will become increasingly important.

Market Outlook
Sep 06
Market Outlook

Mid-Week Bond Update

The sanctioned five

September 06, 2017

Most global Fixed Income markets rallied over the past five trading days as geopolitical tension around North Korea’s nuclear programme intensified: US president Trump threatened to sanction any country trading with the Asian nation - a list that includes China -, while already-sanctioned Russia warned against the effectiveness of economic punishment. The already-sanctioned list also includes Syria, Iran and Qatar, whose conflicts remain unsolved. The rising tension sank US Treasury yields...

Investment Insights
Sep 01
Investment Insights

Flooding in Texas: The Impact on Insurers

September 01, 2017

Though severe enough to impact earnings, the flooding in Texas is unlikely to hurt property & casualty insurers badly enough to force rates higher.

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