The global economy is transitioning from the downturn phase of the credit cycle into credit repair.
For investors, a major challenge is to identify those portfolio managers who are most likely to deliver superior risk-adjusted returns in the future. Understanding how an investment philosophy informs a manager’s decision-making can provide meaningful insights into how and why a particular manager generates alpha.
We believe the expansion phase of the credit cycle is over. Several countries are now heading into downturns, largely because of the demand shock from Covid-19.
Cela peut paraître ordinaire, mais se concentrer sur la protection contre les baisses peut aider à battre l’indice.