Fixed-Income Investment Process: Macro Research

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“Of the most important components to our investment process is the macro group the importance importance of this group not only plays into our overall macro approach to investing. But s also very important to our sector teams who are choosing securities. The areas that we cover that are important for our sector. Heads and portfolio management teams include views on the us and global business cycle.

And that includes economic growth. The labor market inflation and certainly how that influences monetary policy both at the federal reserve and other central banks around the world it s essential to have a well developed macro research process in today s world where central banks are pushing the boundaries of monetary policy. Old playbooks are not especially relevant in today s markets so having a team that can understand what drives central bank action..


What non standard tools they have at their disposal. And how those tools can and will influence markets is absolutely critical this process by which we ve segregated duties and allowed people to focus on a narrow specialization improves. The work of each group and our performance over all ultimately. It makes for better decisions.

If the subject. Matter experts are focused on their own subject. The macro research team led us to make a lot of market..


Calls that other people were afraid to make for instance in the last two years. One of the most important trends that the team was able to identify was the coming collapse in energy prices in 2014. When oil prices started to decline. I remember the market consensus was that it may go to 60 a barrel.

But probably wouldn t decline further our economic research team looked at the supply and demand in the market. And it was clear that the market was becoming oversupply. So working with the secretary teams working with portfolio construction and more importantly with our global chief investment officer..


We decided that we should start reducing our allocation to energy credit. And then similarly. We foresaw the turnaround in oil prices in the first quarter of 2016. And we had to add exposure in the portfolios to energy credits and equities.

Because of that we were able to avoid a lot of losses in the energy investing and by reducing our exposure and understanding better. The trend. That was emerging as a result of their work..


We were able to take advantage of it also when we started to see energy prices bottom. ” ..

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