Homebuilders as a Case Study in Late-Cycle High Yield
For some high-yield investors, the U.S. homebuilding sector may represent a crossroads for the higher-rated portions of the market. Yet, as concerns about an economic slowdown mount, investors may be facing a highly-cyclical sector that generally appears fully valued and possibly on the precipice of weakening economic conditions.
Asset Allocation for “End-State” Portfolios
In recent years, many U.S. corporate pension plans have closed and entered the “end-state.” CIOs managing these end-state portfolios must navigate a specific set of investment challenges and evaluate the potential of the private assets remaining in their portfolios.
Core Real Estate: The Global Opportunity
As real estate has grown into an important part of an institutional portfolio, the popularity of core real estate has surged. And yet the definition of core has morphed in recent years. Outside of the U.S., and most notably in Europe and Asia, investors eager to put capital in core assets may disagree on what constitutes core in these markets.
After the Storm: Next Steps for the Repo Market
One of the striking features of the recent stress in the U.S. repurchase (repo) market is the culmination of factors—including developments in monetary policy, banking regulations, Treasury issuance, and corporate tax payments—that contributed to the pressure.