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October 2, 2024
Opportunities in Synthetic Risk Transfers.
The US banking industry is undergoing significant changes that are creating new markets for fixed income investors. One of those markets is Synthetic Risk Transfers or SRTs.
September 12, 2024
Emerging Market Corporate Debt: A Potential Core Investment for Institutional Investors.
We believe emerging market corporate debt is an asset class well suited for institutional investors that seek structural risk premium and superior risk adjusted returns.
JULY 31, 2024
Assessing the Entry Point for Fixed Income
For the first time in years, rising yields have made bonds a much more powerful part of the asset allocator’s toolkit. How should asset allocators be thinking about the role of fixed income in portfolios?
JULY 16, 2024
MacKay Municipal Managers Mid-Year Insights for 2024
We are at the mid-point of 2024 and the landscape is beginning to shift. Inflation has resumed its downward trend, and the Federal Reserve is holding its policy rate steady.
MAY 29, 2024
US-China Trade Wars: A Benign Déjà Vu or Potential for Wider Escalation?
EMD team gives their perspective on the US-China Trade relations.
MAY 9, 2024
Finding Relative Value in Mortgage-Backed Securities
Mortgage-backed securities provide institutional investors with unique and varied investment opportunities, particularly in the form of residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS).
APRIL 11, 2024
Banks and Commercial Real Estate
The current interest rate cycle has created several rounds of stress for the US banking sector. The most recent challenge is dealing with the fallout of a weakening commercial real estate (CRE) sector. While bruised, we do not believe the sector is broken. We expect the larger banks to fair well at the other end.
MARCH 27, 2024
Exploring the Current Landscape of China
Emerging Market Debt Team answers topical questions on China.
FEBRUARY 5, 2024
MacKay Moments - Strategic Alternative to Investment Grade Corporates
During recent recessionary periods, upgrades outpaced downgrades in the municipal market, providing stability in unpredictable times.
JANUARY 22, 2024
Stepping Out of Cash and into Short Duration
With short duration bonds currently generating attractive levels of income, in MacKay Shields Fixed Income latest insight, we explain why now might be the time to step out of cash and into short duration bonds.
JANUARY 11, 2024
MacKay Municipal Managers Top 5 Insights for 2024
After two tumultuous years, we expect a municipal market recovery in 2024 and we believe municipal bond mutual funds will outperform other investment vehicles.
DECEMBER 20, 2023
MacKay Moments - Durable Income with Taxable Munis
Learn about the benefits of higher yields, positive roll-down effects, and enhanced credit quality compared to corporates.
DECEMBER 11, 2023
MacKay Fixed Income Top 5 Insights
Fixed Income Resiliency. As we navigate the intricate financial landscape of 2024, the overarching concerns surrounding the size and scale of the US budget deficit, coupled with the substantial Treasury debt issuance required to address it, continue to captivate the attention of investors.
NOVEMBER 7, 2023
Emerging Market Debt: A Fresh Thinking on an Evolving Asset Class
While providing investors with a multiverse of global exposure and opportunities, we believe it's time for some fresh thinking around the evolving nature of Emerging Market Debt.
OCTOBER 30, 2023
High Quality, Durable Income with Taxable Munis
An overlooked solution for insurers.
OCTOBER 24, 2023
Bonds are Back: Take 2
Mark Kehoe, CFA, gives an update on the Bonds are Back piece released earlier in the year.
OCTOBER 4, 2023
High Yield's Relative Value
When we analyze high yield performance versus equities, we look at key valuation metrics such as the yield to worst of the high yield index, the S&P’s current earnings yield, and instances of high yield outperforming equities.
SEPTEMBER 13, 2023
High Yield's Resiliency
As we assess the current high yield market, a key development stands out – its resiliency, even amidst a potential market slowdown. View our latest MacKay Moment for more.
SEPTEMBER 28, 2023
Specialty Fixed Income Outlooks
We believe active management and a focus on higher quality sectors will continue to be key factors in the fourth quarter of 2023.
JUNE 26, 2023
The Role of Fixed Income in Driving Reallocation
Today’s unique environment requires unconventional thinking.
MAY 16, 2023
Failures, Funding, and Financial Resiliency - 1Q Bank Earnings
What matters to credit investors?
MAY 1, 2023
Making India a Global Growth Engine
Can the World’s Largest Democracy Become the Growth Engine of the Next Decade?
APRIL 12, 2023
Is the Fed on the Verge of Cutting Rates?
Don’t count on it. The Fed is willing to tolerate labor market pain in order to bring inflation back to target and make sure it stays there.
FEBRUARY 15, 2023
Bonds are Back to Being Bonds
Are bonds back? The Global Credit team give their thoughts as to why higher income will drive investment grade returns.
JANUARY 12, 2023
Preparation Seizes Opportunity — Higher Accruals Set the Pace
Looking ahead to the year 2023, the MacKay Municipal Managers team provides their top 5 market insights on the year to come.
JANUARY 6, 2023
Recession, Resiliency, and Risks
In his 2023 outlook, our senior macroeconomist Steve Friedman gives his perspective on a possible recession in 2023, what the path for a soft landing would look like, consumer stress, and more.
JANUARY 6, 2023
2023 Macroeconomic Outlook
2023 will be the year in which the full impact of global policy tightening will be felt in force, with growth slowing and inflation moderating.
JANUARY 6, 2023
Find Enduring Value in High Yield
Andrew Susser, Head of High Yield, discusses the challenges faced in 2022, the unseen risks that may present itself in 2023, and shares how he thinks about building client portfolios using a bottom-up approach while thinking of an impending recession.
JANUARY 6, 2023
Return of the Bond
Neil Moriarty, Co-Head of Global Fixed Income, reflects on 2022 and discusses where the opportunity may lie in 2023.
JANUARY 6, 2023
The Year of the Bond
In our 2023 outlook, the Global Fixed Income team explains why we fervently believe bonds are back and 2023 will be the “Year of the Bond.”
JANUARY 6, 2023
Downgrades, Defaults and Regional Allocations
Michael DePalma and Cameron White on the Global Credit team share their outlook for the Global Credit market for 2023.
JANUARY 6, 2023
2023 Global Credit Outlook
We believe that 2023 will be a game of two-halves. Markets do not operate on any particular script, but at a minimum, we expect markets to offer plenty of relative value opportunities in 2023.
JANUARY 6, 2023
Countries of Interest, Trends and Regional Outlooks
In the team’s 2023 outlook, Philip Fielding and Valentina Chen, Co-Heads of Emerging Market Debt team gives their latest insights.
JANUARY 6, 2023
2023 Emerging Market Debt Outlook
After two consecutive down years of total return in emerging markets debt, we are more positive on the total return outlook for 2023.
JANUARY 6, 2023
Issuance, Interest Rates, and Investment Process
Edward Silverstein, Head of Convertibles, gives their outlook on convertibles as an asset class in 2023, their investment process, and more.
October 15, 2024
Forward Guidance - Whatever it Takes?
Steven Friedman, Senior Macroeconomist and Michael DePalma, debate if China's recent policy moves mark a major shift, like Draghi's "Whatever it Takes" moment. They also explore the US economy's strength post-CPI print and its market implications amid a swift narrative shift from recession to reflation.
August 28, 2024
Forward Guidance - Spasms vs. Chasms
Steven Friedman, Senior Macroeconomist and Michael DePalma, discuss factors that help identify whether a period of heightened market volatility presages a major shift in the market outlook, or is more likely to peter out with a return to previous market trends and how these factors influenced portfolio adjustments amid August’s market swings, and what we may be able to infer about the road ahead.
JULY 23, 2024
Forward Guidance - Elections Come into Focus
Steven Friedman, Senior Macroeconomist and Michael DePalma, discuss the continuation of the carry environment as the anticipated easing cycle comes into focus, fixed income opportunities related to housing and investing amidst election uncertainty.
MAY 21, 2024
Forward Guidance - Keep Calm and Carry On
Steven Friedman, Senior Macroeconomist and Michael DePalma, co-head of Global Fixed Income, discuss the asymmetric risk profile for Treasury yields and more.
APRIL 17, 2024
Forward Guidance - Opportunities in Credit Markets
Steven Friedman, Senior Macroeconomist and Michael DePalma, co-head of Global Fixed Income, provide their outlook for credit markets against a backdrop of solid growth and high interest rates.
OCTOBER 2, 2023
Tackling Liquidity Webinar
Watch our key highlights from the Tackling Liquidity Webinar
MAY 23, 2023
MacKay Shields High Yield Market Update – May 2023
Nate Hudson, Portfolio Manager at MacKay Shields shares his observations of the High Yield market for the first quarter of 2023.
JUNE 27, 2023
Using High Yield As An Equity Substitute to De-Risk Client Portfolios
How should allocators look at relative value of high yield vs. equities with the view to de-risk portfolios?
MARCH 29, 2023
Opportunities in Emerging Market Debt
Valentina Chen, Co-head of EMD, explores the outlook across currencies, rates and corporate bonds both local and hard currency and set out views on where value may lie.
MARCH 23, 2023
Where are we in the High Yield market today
Joseph Maietta on the MacKay Shields High Yield team breaks down his thoughts on the market today.
MARCH 23, 2023
Default rates in the latest economic cycle
What default rates are the High Yield team expecting in the latest economic cycle?
APRIL 1, 2022
Asset Allocation Discussion
Watch our panel discussion on understanding asset prices, inflation and growth in a structured way.
MARCH 31, 2022
Making A Difference In The Community
We recognize the women at MacKay who make a difference in our communities. Hear their stories and how service has enriched their lives.
MARCH 22, 2022
Mentorship and Finding Inspiration
Our colleagues share the importance of mentorship. See how they give and find inspiration along their career journeys.
Muni 360 Podcast
Listen to the most recent podcast, as the seasoned active investors at MacKay Municipal Managers share their latest views on the municipal market.
Forward Guidance
Listen to the most recent episode of Steven Friedman's "Forward Guidance" series.
September 30, 2024
Core Investment Grade
Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while allocating across Core sectors.
September 30, 2024
Core Plus
Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while opportunistically allocating investments across a range of core and off-benchmark sectors.
September 30, 2024
Core Plus Opportunities
Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while opportunistically allocating investments across a range of core and off-benchmark sectors.
September 30, 2024
Intermediate Fixed Income
Intermediate seeks to outperform the benchmark by eliminating or reducing uncompensated risk from investments in fixed income intermediate securities.
September 30, 2024
Short Duration Government Credit 1-3 Year
The Short Duration Government Credit 1-3 Year investment objective is to provide, over an interest rate cycle, a total rate of return that exceeds the return of the benchmark index.
September 30, 2024
Strategic Bond
Strategic Bond managed by the Global Fixed Income team.
September 30, 2024
Structured Product Opportunities
Unconstrained, seeking to outperform Libor through top-down analysis and bottom-up security selection.
September 30, 2024
Structured Product Total Return
Seeks to outperform the benchmark through top-down analysis and bottom-up security selection.
September 30, 2024
Convertibles
Seeks to maximize total return by outperforming the market and our competition while managing against downside risk.
September 30, 2024
High Yield
Seeks to identify securities that will minimize defaults and maximize yield and capital appreciation.
September 30, 2024
Low Volatility High Yield
Seeks to earn attractive, risk-adjusted income through a combination of safety and yield.
September 30, 2024
Global High Yield
Seeks to outperform the benchmark by seeking to eliminate uncompensated risk from investments in below investment grade securities.
September 30, 2024
High Yield Active Core
Seeks to outperform the benchmark by eliminating uncompensated risk from investments in below investment grade securities.
September 30, 2024
Credit
Seeks to outperform the benchmark by eliminating or reducing uncompensated risk from investments in corporate credit securities.
September 30, 2024
Municipal Taxable Active
Principally invests in taxable municipal bonds that are rated investment grade.
September 30, 2024
Municipal High Yield
Seeks to generate attractive after tax returns by investing primarily in lower investment grade and non-investment grade municipal securities.
September 30, 2024
Municipal Investment Grade
Seeks to generate attractive after-tax returns by investing primarily in investment grade municipal securities.
September 30, 2024
Municipal Short Term
Seeks to generate attractive after tax returns by investing primarily in tax-exempt and taxable municipal securities with a maximum portfolio duration of three years.
September 30, 2024
Emerging Market Hard Currency Debt
Seeks to achieve income and total return by investing primarily in debt securities issued by Sovereigns, Quasi Sovereigns and opportunistically in Corporates that trade in U.S. Dollars from emerging markets offering relatively attractive current market yields after adjusting for pertinent risks.
September 30, 2024
Emerging Market Low TE High Grade Corporate Debt
Seeks to achieve income and total return by investing primarily in corporate debt securities from emerging markets offering relatively attractive current market yields after adjusting for pertinent risks.
September 30, 2024
Emerging Market Debt Blend
Seeks to achieve income and total return by investing in a diversified pool of fixed income securities such as bonds and debentures issued by emerging market governments and corporations, or otherwise obtaining exposure to such securities.
August 14, 2024
MacKay Moments - Shorter Duration More Immune to Rate Moves
For investors wary of rate sensitivity, shorter duration bonds may offer a more fitting investment choice compared to longer-term bonds.
JULY 31, 2024
MacKay Moments - CMBS: A Strong Diversifier with Embedded Resilience vs. Corporate Credit
Recent shifts have widened spreads in conduit CMBS, presenting what we see as a chance to capture enhanced yields with less risk. Especially for BBB rated CMBS, current market conditions suggest potential for price appreciation and attractive returns.
JULY 24, 2024
MacKay Moments - Investing in Commercial Real Estate Debt: Zombie Apocalypse or Diamond City
Despite recent challenges, we believe the commercial real estate market holds resilient investment opportunities.
June 4, 2024
MacKay Moments - Potential 3 Month Treasury Yield Paths
Amid uncertain future yields, three scenarios emerge. In this video, we outline potential 3-month Treasury yield paths.
FEBRAURY 5, 2024
MacKay Moments - Strategic Alternative to Investment Grade Corporates
During recent recessionary periods, upgrades outpaced downgrades in the municipal market, providing stability in unpredictable times.
DECEMBER 20, 2023
MacKay Moments - Durable Income with Taxable Munis
Learn about the benefits of higher yields, positive roll-down effects, and enhanced credit quality compared to corporates.
SEPTEMBER 13, 2023
High Yield's Resiliency
As we assess the current high yield market, a key development stands out – its resiliency, even amidst a potential market slowdown. View our latest MacKay Moment for more.
OCTOBER 4, 2023
High Yield's Relative Value
When we analyze high yield performance versus equities, we look at key valuation metrics such as the yield to worst of the high yield index, the S&P’s current earnings yield, and instances of high yield outperforming equities.
Employee Spotlight - Ania Pritchard
Associate Director, MacKay Shields
Employee Spotlight - Drew Schuchman
Analyst, MacKay Shields
Employee Spotlight - Jack Muller
Research Analyst, MacKay Municipal Managers
Employee Spotlight - Jessica Tomczak
Associate Director, Enterprise Business Services
Employee Spotlight - Chris Roberti
Chief Marketing Officer, MacKay Municipal Managers
Employee Spotlight - Shefali Vohra
Associate, Enterprise Business Services
Employee Spotlight - Parul Miglani
Director - High Yield Team
Employee Spotlight - Lesya Paisley
Portfolio Manager, Global Fixed Income
Employee Spotlight - Cameron White
Managing Director - Head of Fundamental Research
Employee Spotlight - Vineeth Krishnakumar, CFA
Research Analyst, MacKay Municipal Managers
Employee Spotlight - Philip Fielding
Co-Head of Emerging Market Debt Team
Employee Spotlight - Young Lee, CFA
General Counsel
Employee Spotlight - Valentina Chen, CFA
Co-Head of Emerging Market Debt Team
Employee Spotlight - Rene Bustamante
Chief Administrative Officer
Employee Spotlight - Thomas Musmanno
Client Portfolio Manager
MARCH 21, 2022
Balancing How to Stay the Course in Challenging Times
Inflation is rising across regions; the US Federal Reserve and the European Central Bank are on the cusp of normalizing interest rates.
MARCH 7, 2022
Dislocations in the Taxable Municipal Market Today
Given the backdrop of both geopolitical tensions and changing monetary policies at a global level, we have seen elevated volatility since the beginning of the year.
FEBRUARY 24, 2022
International Equity Market Review and Outlook
In 2021, stock selection within the Healthcare and Technology sectors drove most of the outperformance of our International Equity strategy.
FEBRUARY 17, 2022
Remaining Constructive on the Outlook
Yes, there’s reason to worry about inflation and the Federal Reserve’s hawkish pivot. But there are also reasons to remain constructive about the outlook. Here are three.