Insights

Insights

Advantage Equity

International Equity

November 30, 2018

Africa's Economic Outlook: Beyond the Hype, Hope, and Despair

While the Africa has witnessed numerous false dawns over the past 40 years, we believe it is fundamentally changing for the better. We are beginning to see investment opportunities and believe Africa will become an important consideration for global investors over the long term.

August 23, 2018

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 is 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.

February 15, 2018

France And Macron: A New Leader For Europe

In early 2017, global investors were concerned about the potential for a populist backlash by voters in France and how it might affect Europe and the rest of the international economy. However, Martin Schulz, J.D., managing director, International Equity, believes that France, for the first time in a generation, now stands at the cusp of leading Europe.

May 26, 2017

Eastern Europe: Reemerging as a Viable Competitor in Europe

Since Eastern Europe transitioned from communism to democracy and capitalism, the region has become increasingly integrated into the global economy.

Taxable Fixed Income

Municipal Fixed Income

November 14, 2018

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. The downgrade resulted not from any change in the county’s financial standing, but from Moody’s view of “the county’s lack of willingness to fulfill a contractual obligation” surrounding its current level of support for a local economic development project for which there are bonds outstanding. Platte County is certainly not the first example where a general obligation bondholder has been substantially hurt 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.

June 27, 2018

State Bailouts of Distressed Localities Present Challenges to Municipal Market

In March, the financially distressed City of Hartford, Connecticut inked a deal with the state allowing it to effectively transfer a
debt burden of $550 million—$755 million including interest—to state taxpayers. Should this development establish a precedent
for, or be seen as a worthy model by, distressed local governments across the country, significant challenges may arise for
municipal market participants.

March 13, 2018

Tax Cuts and Jobs Act: What Does it Mean for the Municipal Bond Market?

The Municipal Fixed Income team discusses several key provisions of the Tax Cuts and Jobs Act, which became law in December 2017.

General Market

Economic & Market Reviews

Quarterly Commentary

 

Commentaries


Fixed Income Quarterly Commentary

Municipal Fixed Income Quarterly Commentary