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Economic & Market Review, Third Quarter 2018

Municipal Commentary, Third Quarter 2018

Fixed Income Commentary, Third Quarter 2018

 

Featured Perspectives

Platte County, Missouri and the Risks of Complex Debt Portfolios

In September 2018, Moody's downgraded Platte County, Missouri's general obligation (GO) rating eight notches. This was a result of Moody's view of “the county's lack of willingness to fulfill a contractual obligation” indicating its current level of support for a local economic development project for which there are bonds outstanding. Platte County is not the first example where a general obligation bondholder has been affected by a lower-standing credit event. A thorough understanding of the debt structures in the local government sector can serve to mitigate or alleviate these derivative impacts within a fixed income credit portfolio.

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Increasing Investment Opportunities in the Middle East and North Africa

Driven by powerful demographic forces, global technological changes, and the long-term potential decline in oil demand, parts of the Middle East and North Africa region are undergoing monumental changes not seen for generations. We recently visited the region and have updated views on several countries, including Egypt, Saudi Arabia, and the United Arab Emirates. Based on our assessment, we believe the region is ripe for potential investments by our strategy.

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Behavioral Finance and Multi-Factor Investing

In this brief commentary, the Advantage Equity team discusses the importance of maintaining an awareness of behavioral biases in investing and how that awareness influences one of the core tenets of their philosophy and process - namely, the discipline instilled by their multi-factor model.

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