Newfleet President and CIO David Albrycht discusses relative value opportunities in the bond market and why active management is so important.
The Virtus KAR Small-Cap Growth Fund is the subject of a Reuters feature highlighting the Fund’s strong performance over the last decade relative to all other stock mutual funds. Though currently closed to new investors, the fund remains open to defined contribution and defined benefit plans. Read the article for insights from the portfolio managers, Todd Beiley and Jon Christensen, who manage several small- and mid-cap portfolios at Kayne Anderson Rudnick.
Getting trustworthy information from companies on ESG issues is a major challenge for investors. Obtaining clean data can influence the capital allocation decisions that will, in turn, shape the industries and economies of tomorrow. The U.S. shale oil industry is an unlikely inspiration on how third-party verification can improve companies’ transparency on critical environmental issues.
Looser monetary policy has fueled a sharp rise in equity markets in 2019 and there is room for this rally to persist in the near term. But looking further ahead, riskier asset classes face a number of challenges, meaning government bonds have an important role to play in diversifying portfolios.
A quick guide to why now may be a good time for investors to consider rebalancing their portfolios to mitigate drawdown risk.
Jin Zhang, deputy portfolio manager of the Virtus Vontobel Emerging Markets Opportunities Fund, provides insights on changes in the global supply chain, long-term beneficiaries of the trade war, India’s growth prospects, and Brazil’s path to reform.
David Souccar, deputy portfolio manager of the Virtus Vontobel Foreign Opportunities Fund, talks about markets in 2019, long-term structural risks, performance over the cycle, investing in Japan, and international versus U.S. exposure.
Ramiz Chelat, deputy portfolio manager of the Virtus Vontobel Global Opportunities Fund, sees opportunities in e-commerce, industrials, med-tech, athleisure, cruise lines, and the SaaS (software as a service) space.
Virtus’ 2019 thought leadership content illustrates how trends are shaping the markets and ways to address them. You will find actionable insights on issues influencing the equity, fixed income, and alternative markets to inform client conversations and portfolio allocation decisions.
The sources of volatility that were present in 2019 will carry forward to 2020. Despite the challenges, Newfleet believes that fixed income spread sectors will continue to offer better value than U.S. Treasuries and other government-related debt.
"Desperate times call for creative measures when looking for yield." – FA Magazine, September 17, 2019 - A discussion on how Virtus Private Credit Strategy ETF (VPC) can help diversify income investors' portfolios.
Frank Ossino, senior portfolio manager and sector head of the bank loan asset class at Newfleet, discusses prospects for bank loans heading into 2020.
James F. Keegan is chief investment officer and chairman of Seix Investment Advisors. Perry Troisi is a managing director and senior portfolio manager at Seix. In WealthManagement’s Fixed Income Outlook 2020 (November 2019 edition), the two provide their views on the current credit binge that has led to a considerable deterioration in the overall quality of the investment grade corporate bond universe.
Amid growing uncertainty, investors have shown greater interest in bond funds but must contend with a variety of risks as central banks around the world continue to implement unprecedented negative rate policies and the Federal Reserve remains accommodative. Here’s a guide to why active management matters.
More than immigration or the economy, healthcare is poised to be a central political fault line in next year’s presidential election. And, with the sector representing about 13 per cent of the S&P 500® benchmark stock index, as of July 31, the political situation will be keenly watched by investors.
Frank Ossino is a senior portfolio manager and sector head of the bank loan asset class at Newfleet Asset Management. In WealthManagement’s Fixed Income Outlook 2020 (November 2019 edition), Frank provides his view on why the bank loan market is an income asset class, not solely an interest rate hedging tool.
When it comes to investing in emerging market equities, long-term investors know that volatility is the norm, and that the asset class—particularly the small-cap segment— can be a long-term winner and an important component of a well-diversified portfolio, thanks to improving fundamentals and the potential for outperformance.
Ten years may sound like “long term” investing, unless you’re talking about the 10 years ended September 30, 2019. Without the bear market of 2008-09 in your time frame, the view becomes incredibly rosy. A 20-year lookback provides much-needed perspective.
Explore the key attributes of mid-cap investing and the opportunities offered to investors, and use our interactive tool to see how an allocation to mid-caps may improve an equity portfolio’s performance and mitigate risk over time.
In today’s global economy, thriving companies aren’t bound by geography—not in where they are headquartered, nor in where they derive their income. Vontobel Asset Management discusses why investing beyond one’s own borders may benefit performance over the longer run. Also includes a brief discussion of the Virtus Vontobel Global Opportunities Fund.
David Souccar talks about the limitations of monetary policy, equity market valuations, and how to think about emerging markets in light of macro risks.
Jin Zhang provides insights on what to expect in India and China, trade redirections to Southeast Asia, and opportunities in Latin America.
Ramiz Chelat discusses the China slowdown, the impact of the trade war, the industrials and health care sectors, and growth vs value investing.
A structurally flawed benchmark index has proven a fertile ground for active managers.
Amid concerns about rising debt, lower growth, declining rates, and easier money, an obscure and heterodox branch of economic theory is gaining traction. Here’s a guide to what investors should know.
With rising corporate debt, increasing leverage, declining rates, and a slowing economy, where do risk-averse investors turn for income? Virtus investment professionals weigh the options.
After the FOMC cut rates, Fed Chair Powell said nope to NIRP (negative interest rate policy). But a return to ZIRP (zero interest rate policy) and more QE/forward guidance seem inevitable.
Newfleet Asset Management’s current view regarding the discontinuation of LIBOR, which is scheduled to happen at the end of 2021, and its potential impact on the loan market.
The ten-year U.S. Treasury note yield recently fell below that of the two-year note for the first time since 2007. Should the yield curve stay inverted for an extended period, it is clearly a negative development for economic growth. Kayne Anderson Rudnick (KAR) believes the yield curve tends to be a more accurate forecasting tool than many economists or Wall Street strategists, and should prompt the Fed to extend rate cuts.
“It’s dividends, valuation, and fundamentals.” Don Wordell, portfolio manager at Virtus affiliate Ceredex Value Advisors, discusses the investment process behind the Virtus Ceredex Mid-Cap Value Equity Fund, which he has managed since 2001.
Staying invested whether the markets are trending up, down, or staying flat is easier said than done. A diversified portfolio of managers who seek to deliver a smoother ride may help keep you from getting exercised about market gyrations.
Newfleet Asset Management provides perspective on why the loan market should be viewed as an income asset class, not solely an interest rate hedging tool.
The search for attractive long-term growth is an evergreen quest for all investors. Finding that growth while also trying to avoid sharp market losses is an even more challenging task.
Active managers of senior loans with long-term records of strong risk-adjusted returns have the potential to weather diverse market conditions, particularly in the later stages of the business cycle.
In this New York Times article, portfolio manager Nancy Zevenbergen shares insights on her team’s strategy and some of their favorite long-term holdings of the Virtus Zevenbergen Innovative Growth Stock Fund. The Fund invests in well-run, high-growth companies across market caps, but small-caps were big contributors to the Fund’s first quarter performance.
Duff & Phelps’ MLP investment team’s quarterly update on the MLP and energy infrastructure sector includes a recap of first quarter performance, market events, and thoughts on the opportunities ahead.
Seix Investment Advisors discusses China’s ability to deliver solid economic growth in the coming months in order to prevent a further global slowdown in 2019 and beyond.
We’ve recently experienced a market in which the rising tide of global central bank easing has lifted virtually all boats. With everything going up regardless of price or quality, has diversification through active management lost its sheen? The rolling returns for the S&P 500� Index provide a crystal-clear illustration of the reality of market cycles.
The benefits of active versus passive management has been a longstanding question in asset management. The debate has gained momentum in recent years as only a few managers in certain asset classes have been able to outperform index-replicating strategies on a net basis.
Despite significant outflows in recent months, bank loans is still one of the best risk-adjusted asset classes since 1992.
Plan sponsors have a wide variety of investment solutions available to them in today’s retirement plan marketplace. This paper provides a framework for evaluating the potential benefits of including managed accounts as a complementary plan solution alongside participant-directed investments and target date funds.
“A well-executed, thorough process and cheap fees make Virtus Seix Floating Rate High Income a solid option among bank-loan funds.” – Kenneth Oshodi, Morningstar Manager Research Analyst
Plunging oil prices combined with a global market sell-off sent the midstream energy sector down over 17% in the fourth quarter of 2018 (as measured by the Alerian MLP Index), putting stocks dangerously close to their 2016 lows. Duff & Phelps’ Infrastructure Team assesses the events of the quarter and offers perspective on what’s ahead for 2019.
In this Manager Q&A from Vontobel Asset Management, Sudhir Roc-Sennett, Senior Portfolio Adviser to the Emerging Markets Equity Strategy, discusses the firm’s philosophy and approach to environmental, social and governance (ESG) investing specific to emerging markets.
In this age of digital disruption, the retail space is littered with companies that have fallen by the wayside. This paper from Vontobel Asset Management discusses how brick and mortar franchises can continue to prosper so long as they can generate incremental growth from e-commerce and adapt to a changing landscape.
2018 marked the first down year for the U.S. equity market since 2008. The 2009-2017 stretch ties as the longest annual winning streak in market history. Until the fourth quarter, markets were buoyant, but political instability at home and abroad, rising interest rates, and a potential growth slowdown rattled global markets. Other than cash, all asset classes ranged between flat and down.
With inflation a growing concern, retirement investors may wish to consider an allocation to non-traditional inflation hedges like high yield bonds and leveraged loans which offer little to lower duration risk, respectively, and a low correlation to investment grade bonds, as well as other benefits.
Chief Investment Officers at Virtus affiliate investment managers—Doug Foreman (Kayne Anderson Rudnick Investment Management), Jim Keegan (Seix Investment Advisors), and Nathan Partain (Duff & Phelps Investment Management)—discuss market volatility, Fed policy, inflationary pressures, corporate earnings and revenues, the yield curve, and other timely and topical issues.
Momentum from the second quarter continued into the third quarter for the energy space, as North American energy infrastructure stocks rallied hard in July and the first half of August, jumping 12.65% (as measured by the Alerian MLP Index).
Frank Ossino discusses potential benefits of the Virtus Newfleet Dynamic Credit ETF’s active approach and broad opportunity set.
Featured in Wealth Management’s 2018 Midyear Outlook edition, Frank Ossino discusses Newfleet’s outlook and investment thesis for bank loans at the midyear point.
China continues to open its market to foreign investors. The recent addition of 236 large-cap China A-shares to the MSCI Emerging Markets Index, among other MSCI indices, will lead to a significant increase in first-time overseas investors entering the Chinese A-share market. Vontobel Asset Management outlines how investors are able to get exposure to this opportunity.
Industry leaders from select Virtus investment partners discuss their economic and market insights.
Duff & Phelps’ MLP investment team offers mid-year insights on the energy sector, including updates on global demand, recent MLP restructurings, midstream index changes, and pipeline approvals.
Brazil has sold off as the market fears the country is in trouble. If the huge pension program is not reformed, it will add expense to a budget already in deficit. On top of this, there will be a new president elected in October. In Vontobel’s view, whichever government wins, it will have little choice but to reform.
In April and May 2018, members of Duff & Phelps’ Global Listed Infrastructure team traveled to Australia, New Zealand and Europe for investment research trips. Senior portfolio manager Connie Luecke, CFA, shares insights gleaned from site visits and meetings with management.
Even when investors shun consumer staples companies and their stock prices underperform the market, Vontobel Asset Management is content to maintain meaningful positions in a select few quality staples stocks that fit their requirements. Their latest positioning paper explains why.
Since the end of the first quarter, the outlook for higher U.S. interest rates has been accompanied by a major sell-off in a number of EM currencies. Vontobel has not seen FX declines of this magnitude since the taper tantrum of 2013.
The Duff & Phelps Global Real Estate Investment Team comment on the positive pickup in deal activity in the industrial REIT space over the past month.
A Q&A with the portfolio managers of the Virtus Global Real Estate Securities Fund
The $1 trillion+ global payments industry represents tremendous secular growth opportunities. This research paper discusses how networks such as Visa and Mastercard have powerful competitive positions and represent durable franchises with the potential to reward their shareholders for many years. Also touches on: e-commerce opportunities, Asia’s competitive landscape, the regulatory environment, and the impact of cryptocurrencies.
Vontobel Asset Management examines the effects of the Tax Cuts and Jobs Act of 2017 on U.S. corporations on a general level and specific to the high quality companies in which the firm invests.
Seix Investment Advisors’ municipal bond team examines potential implications of the tax reform bill.
Featured in Wealth Management’s 2018 Year-End Outlook edition, Seix examines unfunded pension liabilities, a key credit concern across municipal markets, and cautions muni investors to take notice.
Despite natural disasters, rising tensions with North Korea, dysfunction in Washington, and continued acts of global terrorism, global equity markets continued their steady upward movement in the third quarter, with the S&P 500® Index up 4.5%, the Europe STOXX® 600 Index up 2.8%, the Nikkei 225 Index up 2.2%, and the Hang Seng Index up 7.4%. For the S&P 500, it was the eighth straight quarterly advance.