Take Five – Market Recap with our CIO
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
5M ago
Need a brief review of the fixed income markets as we head into year-end? This five-minute Q&A with Merganser’s CIO, Andy Smock, covers it all, including the path of interest rates, spread moves year-to-date, issuance patterns, our views across investment grade sectors, and our outlook for the macro environment.   ..read more
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Impacts of Chasing Yield with an Inverted Curve
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
10M ago
In fixed income, it is generally understood that bondholders are paid more to lend for longer, but with an inverted yield curve, this theory is being put to the test. How then, should investors position their short-term reserves in the current environment? Pile into money market funds which are currently outyielding short duration bond funds? Based on our analysis, the answer is not so simple. Hear from Merganser team members Alli Morse, Relationship Manager, as she interviews Todd Copenhaver, Deputy Chief Investment Officer and Portfolio Manager. Together, they review historical performance o ..read more
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Debt Ceiling Talks, Again
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
1y ago
It has been an eventful start to 2023, and among many topics, the Debt Ceiling is once again in the spotlight. Hear from host Mike Cloutier, Merganser’s Chief Marketing Officer, as he interviews Andy Smock, Merganser’s Chief Investment Officer, to discuss one of the key risks facing fixed income investors in 2023 – the US Treasury Debt Limit. Together, they summarize the current state of affairs, use of extraordinary measures, supply concerns for investors, and potential consequences if congress can’t reach a deal. They also reflect on the lessons learned during  the 2011 US debt-ceiling ..read more
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Multi-Family Real Estate Update and CMBS Performance Implications
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
1y ago
In this episode, David Fishman, Merganser Deputy CIO and CMBS analyst, interviews Eric Draeger, CIO of Berkshire Residential Investments (“Berkshire”) on the state of the multi-family residential real estate market. Among other topics, they discuss multifamily housing fundamentals, rising rates and the health of the US consumer, as we brace for a potential economic recession in 2023. Berkshire has over 55 years of experience, managing approximately $22.2 billion in real estate assets on behalf of global institutional clients. In his role as CIO, Eric Draeger oversees multifamily acquisitions ..read more
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#13 - Take Five – Q&A with our CIO
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
1y ago
Is now a good time to invest in the front-end of the yield curve? This five-minute Q&A with Merganser’s CIO, Andy Smock, discusses just that. Andy shares a few thoughts on the dramatic year thus far for fixed income markets, how relative value has shifted and a look forward over the next twelve months. He also provides some insight into the current macro backdrop and the Fed’s path for monetary policy in light of inflation and employment trends ..read more
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#12 - After an empty first half, where should income thirsty investors look?
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
1y ago
In this episode, Andy Smock, CIO and Todd Copenhaver, Deputy CIO break down the rapid repricing of fixed income assets year to date. They discuss recent inflation data, potential next steps from the Fed and how higher yields on the front-end of the curve have shifted the value proposition ..read more
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#11 - Any TIPS on a Good Inflation Hedge?
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
1y ago
U.S. inflation is at its highest level in four decades and making investors nervous. In episode #11, we discuss the mechanics of a commonly known inflation hedge, Treasury Inflation-Protected Securities, or TIPS, and analyze how these fixed income instruments perform in inflationary environments relative to alternative hedges ..read more
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#10 - Inflation is Here... To Stay?
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
1y ago
In this episode, Merganser’s CIO, Andy Smock, reviews the impact of inflation on fixed income portfolios. He unpacks possible reasons for what’s driving recent price increases, and why interest rates are moving in the opposite direction. We end by discussing how the team at Merganser is shifting portfolios to insulate against these possible risks.  ..read more
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#9 - GSE’s Approach to ESG and Other Insights
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
1y ago
In this episode, Portfolio Manager and Chief ESG officer, Jennifer Wynn, discusses Merganser’s ESG initiatives broadly at the firm and within the investment process. Deputy CIO and Portfolio Manager, Dave Fishman, explains the state of structured products as it relates to recent issuance patterns across sub-sectors ..read more
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#8 - You Can Bank on It
A Bird's-Eye View of the Bond Market
by Merganser Capital Management
1y ago
We are now over a year into the pandemic. Are banks well positioned? In episode 8, we compare The Great Lockdown versus The Great Financial Crisis of 2008 from a banking perspective ..read more
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