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First Principles Quarterly - Spring 2018


coil of rope with compass

We are pleased to share the Spring 2018 edition of First Principles Quarterly. 

First Principles Quarterly (FPQ) captures our portfolio management team’s insights across fixed income markets. 

For the Spring edition, we cover topics including, but not limited to: economic and technical factors contributing to opportunity in the front end of the yield curve; supply and demand drivers underpinning the municipal bond market; cost/benefit of diversification between local and national muni portfolios following the Tax Act; observations on potential component-specific and macro inflationary pressures; implications for MBS prepayment speeds following regulatory developments in reverse mortgages; investor perceptions due to recent headlines regarding covenant-lite loans; idiosyncratic risks present in recent Tesla ABS deal; and where we expect to find value in coming months. 

We invite your comments and questions.

View the First Principles Quarterly - Spring 2018