Author Archives: Heather Rupp

High Yield in a Rising Rate Environment

The widely held expectation is that the Fed will raise rates at least three times again this year.  The question becomes what does this mean for fixed income markets? Investors often seem to be under the notion that anything “bond” …

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The High Yield Bond Market: The Year in Review

We’d characterize 2017 as a steady year for the high yield bond market.  Generally speaking, high yield bonds saw a steady move up with a few small blips down that were short-lived and met with buying.1 In total, the high …

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Dispersion in the High Yield Market

We saw heightened volatility return to the high yield market in early November, but after a couple weeks it largely dissipated and the market quickly rebounded.  We have seen a few similar bouts so far this year, with the marketing …

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Is Another Period of Industry Contagion in the High Yield Market on the Horizon?

Over the past couple weeks, we’ve heard several comparisons to what we are seeing today in the high yield market, to the energy-related decline we saw a couple years ago, with people questioning if this is just the beginning.  We …

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Today’s High Yield Market

During October, we saw the general high yield market hit multi-year lows on spreads; however, in the first part of November, we have seen that reverse.  Over the first half of November, some softness has emerged in the high yield …

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Finding Value

As an active manager, our investment strategy involves actively working to find value, rather than tracking a broad underlying index (passive management).  But just what does finding value entail?  We see a couple key areas where we see inefficiencies within …

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Off the Sidelines

Over the past months and years, the financial media and market commentators are constantly questioning whether the markets can continue their upward trend.  For instance, just a few month ago the concern was heating up with historically high valuations in …

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High Yield Investing: Corporate Bonds versus Equities

A company can issue debt (bonds) or equity (stock) as they look to gain access to capital markets.  Investors then have the options to buy either the bonds or stock.  It often seems that novice investors immediately think of stocks …

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Time to Pay Attention

The talk of changes in the retail sector over this year has been unending.  Be it the “Amazon Effect” being amplified by the acquisition of Whole Foods and how that will change the grocery industry, how the societal effects of …

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Understanding an Index

So much has been made of indexing/passive-investing over the past several years.  Investors are often enticed by the lower fees and broad exposure, and often the perception that there is lower risk via the thought it that you won’t underperform …

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