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Guggenheim Partners
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Innovative Solutions. Enduring Values.
Innovative Solutions. Enduring Values.

120 followers
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The primary issuance market is witnessing a strong resurgence in activity, but refinancing makes up the lion’s share. Combining high-yield corporate bond and institutional leveraged loan issuance, refinancing volume represented 52% and 66% of total new issue activity in 2016 and the first quarter of 2017, respectively, compared to the 10-year average of 43%. While good for borrowers, refinancing activity effectively lowers investors’ spread income. In this report we discuss our approach to adjusting yield expectations and managing risk amid elevated loan refinancings. http://gugg.gp/2okGOOF

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The fact that nearly 70% of the Bloomberg Barclays U.S. Aggregate Bond Index is comprised of low-yielding government-related securities presents a conundrum: How can core fixed-income investors meet their total return objectives without taking on undue credit or duration risk? http://gugg.gp/2ob5xnu

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Collateralized loan obligations (CLOs) have many investor-friendly structural features, a history of strong credit performance, and floating-rate coupons that mean the asset class is well positioned for a rising interest rate environment. So why don’t more fixed-income strategies include higher allocations to CLOs?

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U.S. risk assets have rallied in anticipation of potential outcomes to President Trump’s pro-growth fiscal policy proposals, but there are obvious risks: no one wins in a trade war; border taxes and tariffs are notoriously regressive; deportations and immigration limits deprive our labor force of a critically vibrant component; and geopolitical tensions could needlessly escalate if the new administration is not careful. http://gugg.gp/2lPRTJS

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The ABCs of ABS explains securitized credit in the hope that investors can approach the sector with greater familiarity and perspective, and why we believe that identifying value and risk in ABS requires dedicated credit, trading, technology, and legal resources supporting a disciplined investment process. http://gugg.gp/2hYMyOS

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Anne Walsh, Assistant CIO, Fixed Income, and Portfolio Manager, explains how the Guggenheim Total Return Bond Fund and the Guggenheim Total Return Bond ETF employ an actively managed, diversified, multi-sector strategy investing primarily in investment-grade securities that offers an opportunity to capitalize on changing relative values. http://gugg.gp/2h0d85Z

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Portfolio Manager Steve Brown explains how the Guggenheim Enhanced Short Duration ETF (GSY) employs an actively managed approach and tactical strategy to potentially deliver greater return than cash, while strategically positioning for a changing interest rate environment. http://gugg.gp/2h37QY0

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Portfolio Manager James Michal introduces the Guggenheim Macro Opportunities Fund, a non-traditional, unconstrained bond fund that seeks to provide total return by investing in a broad array of fixed-income securities. http://gugg.gp/2ghPN18

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Portfolio Manager Steve Brown discusses how the Guggenheim Limited Duration Fund’s flexible, diversified multi-sector approach and shorter-duration profile is intended to mitigate interest-rate risk and help preserve capital while seeking to maximize yield. http://gugg.gp/2h47QJA
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