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Investing

The power of portfolio flexibility

Many investment managers apply strict portfolio constraints as part of their risk management process. These often include limits in sector over-/under-weightings, geographic concentrations, minimum levels of portfolio holdings and/or market capitalization requirements. The challenge around these types of curbs is that while they are designed to reduce potential return variance, typically in relation to a […]

Investing

SteelPath February MLP update and news

In January, the master limited partnership (MLP) sector saw two more companies eliminate incentive distribution rights (IDRs) and the beginning of Q4 earnings season.  In our Chart of the Month, we look back at oil demand during the SARS outbreak in 2003 to see how it compares to today’s novel coronavirus. MLP market overview Midstream […]

Investing

Global Debt Outlook

The fourth quarter of 2019 marked another quarter of weak global growth, led by manufacturing as trade in automobiles and electronics posted more disappointing results. Policymakers responded by easing monetary policy in almost every major global economy, in moves that were largely anticipated. The US Federal Reserve (Fed) delivered the last of its three rate […]

Investing

Greetings from fire-affected Cudgewa

I raised my hand to volunteer as a financial counsellor in fire-affected regions … and promptly had it slapped down. “Are you mad?”, she said. I was standing in front of the woman who was in charge of deploying financial counsellors to disaster zones. Her beef? “You’re a bushfire survivor yourself. What happens if all […]

Investing

Energy bonds: Unloved, out of favor, and potentially attractive

Energy equities and credit underperformed the broader markets in 2019, and within energy credit, high yield bonds underperformed investment grade bonds. At Invesco Fixed Income, we believe these performance discrepancies may create interesting investment opportunities in 2020. In investment grade, we favor midstream companies focused on corporate actions to improve credit fundamentals. In high yield, […]

Investing

Investing in the prospect of drug pricing reforms

The Trump Administration is considering reforms in the payment for prescription drugs covered under Medicare Part B. The changes include ones that could be accomplished without the need to pass legislation through Congress. The reforms could have significant implications for the companies that manufacture the drugs covered under Part B. Medicare Part B covers drugs […]

Investing

Diary of a Bushfire Victim

On a scorching day in February 2014 my wife, our 7-month-old son and I stood looking at the smouldering rubble that was once our home. We had absolutely no idea what lay ahead for us. Today I’m going to share with you what happened over the next 12 months, in the hope that it might […]

Investing

My thoughts on the fires

“It’s over … isn’t it Dad?” His lip began to quiver. “Yes … I’m afraid so mate”, I said, putting my arm around him. This happened just last Monday. We had the car packed, ready to head to the remote enclave of Cape Conran, East Gippsland, for a family camping trip. For the last few […]

Investing

SteelPath January MLP update and news

The master limited partnership (MLP) sector saw a series of acquisitions take place in December, from Blackstone reaching an agreement with Tallgrass Energy to Energy Transfer closing on the SemGroup acquisition. The events marked a strong month for midstream equities which outperformed the broader market in December. MLP market overview Midstream MLPs, as measured by […]