Brandywine Global Investment Management

Portfolio Manager John McClain joins Bloomberg to share his post-election outlook for rates and economic growth, and what that may mean for leveraged loans. “With a presumably business-friendly environment with economic growth in the US, we see leveraged loans as an attractive space to deploy capital,” he says: https://bloom.bg/48W0QWD

Portfolio Manager Bill Zox joins News Bulletin 247 to share his outlook for the bond market and rate cuts amid pressure on Treasury yields and an uptick in the US dollar following the election. https://bit.ly/4esVbII

High yield continues to be the best performing fixed income asset class year to date, returning just under 10%. Over the previous two-year period, the index has generated a total return of just under 28%. We see this performance largely as a reflection of a resilient US economy and consumer. While we anticipate some moderation in US growth, we remain constructive and expect high yield to continue its positive momentum: https://bit.ly/3YooeIO

South Africa’s electricity crisis, with frequent planned and unplanned load shedding, has sparked changes. A combination of plants coming back online after maintenance and private investment in renewables lessened the energy constraint, an outcome fostered by Ramaphosa’s energy reforms. Energy availability has risen dramatically, noted in electricity production gains: https://bit.ly/3YOwUZ3

Portfolio Manager Bill Zox joins The Bond Buyer to discuss his market outlook following the recent 25-basis point rate cut and why he foresees a pause in easing. “I don’t think the Fed will cut in December or January, but the Treasury market will have to deliver that message to the Fed rather than the other way around,” he says: https://bit.ly/48Ri8V2

Portfolio Manager Bill Zox joins MarketWatch following the recent 25-basis point rate cut and shares why he believes the Federal Reserve may pause further easing. “Both inflation expectations and, in particular, real yields have increased since the Fed began cutting in September. I don’t think the Fed will cut in December or January, but the Treasury market will have to deliver that message to the Fed rather than the other way around,” he says: https://lnkd.in/dfXyYGAP

Brazil recently began hiking rates amid a worsening perception of fiscal policy and inflation. As it stands currently, an increase in the policy rate will take the ex-ante real rate back above 8%, which is well above the estimated real neutral rate: https://bit.ly/4eR3A9S

Client Portfolio Specialist Dylan Herrmann joins Investment Executive to discuss why current market conditions are creating favorable investment opportunities in high yield. “Looking at three-year performance from the first rate cut moving forward, high yield outperformed core fixed income in all periods, while also outperforming equities in hard-landing outcomes and delivering equity-like returns in soft-landing outcomes,” he says: https://bit.ly/4hcP660

Portfolio Manager Bill Zox joins Bloomberg to weigh in on the credit rally and the factors he believes will drive bond yields higher following the 2024 election. https://bloom.bg/4fGmUqf

Portfolio Manager Bill Zox joins CNBC following the Federal Reserve’s latest 25-basis point rate cut. He shares his expectations for future rate cuts as “Both inflation expectations and, in particular, real yields have increased since the Fed began cutting in September.”: https://cnb.cx/4hHdIUB