Christiaan de Haan’s Post

Explore Candriam 's innovative approach to the credit market with our latest Q&A session featuring Philippe Noyard, Patrick Zeenni, and Nicolas Jullien. Learn how our long/short credit strategy with a long bias aims to harness the potential of corporate bonds while managing risks effectively. Read more about their insights and the strategy here: 🔗 https://lnkd.in/e8adfRYw ⚠️ For professional investors only #candriam #investing4tomorrow

Explore how Candriam's innovative approach is tackling the paradigm shifts in credit markets. Our experts, Nicolas Jullien, CFA and Thomas JORET, share their strategies. 🔗 https://lnkd.in/eJ33DxdD   In these volatile times, our strategy focuses on high-conviction, long/short credit positions designed to perform independently of market trends.   Read the full Q&A to learn more.        ⚠️ This content is intended for the professional investor, who has an appreciation not only of the potential benefits but also of any relevant risks associated with alternative strategies. Together we continue #Investing4Tomorrow  #CreditMarkets #SustainableInvesting #CandriamInsights

Credit spreads are tight and default risk is becoming higher. A right time to explore our alternative credit strategy,

Attention, European Investors! 📈 Join us for a live Investment Talk on June 13, 2024, at 9:00am CEST, on credit markets. Charudatta Shende, Head of Client Portfolio Management - Fixed Income Markets at Candriam will outline how #investors can benefit from carry in credit markets. 👉 Secure your spot today and register here: https://ow.ly/E8Nr50Rzbk1 #Investment #FixedIncome #CreditMarkets #Investing #Candriam #Assetmanagement For professional investors from Europe.

Gain insights from our latest Q&A with Philippe Noyard, Patrick Zeenni, CFA, and Nicolas Jullien, CFA. Learn how our approach to long/short credit strategy aims to optimize the credit market’s potential and generate returns. 🔗 Read more: https://lnkd.in/e8adfRYw ⚠️ For professional investors only #candriam #investing4tomorrow

Gain insights from our latest Q&A with Philippe Noyard, Patrick Zeenni, CFA, and Nicolas Jullien, CFA. Learn how our approach to long/short credit strategy aims to optimize the credit market’s potential and generate returns. 🔗 Read more: https://lnkd.in/ecSMeRV9 ⚠️ For professional investors only #candriam #investing4tomorrow

Already signed up for our upcoming edition of Candriam's Convictions newsletter? Don't miss our feature on the Fair Value Enigma in fixed income. Gain insights into deciphering bond market complexities and stay ahead in finance. Subscribe now: 🔗 https://lnkd.in/eAjCd2p8 #candriam #investing4tomorrow #candriam #investing4tomorrow

Already signed up for our upcoming edition of Candriam's Convictions newsletter? Don't miss our feature on the Fair Value Enigma in fixed income. Gain insights into deciphering bond market complexities and stay ahead in finance. Subscribe now: 🔗 https://lnkd.in/e8JTQZpj #candriam #investing4tomorrow

Whether or not you invest in actively managed mutual funds, their shareholder letters can be worthwhile. To be sure, many of them are uninformative. But, there are a few gems worth reading for their insights. (Read them critically, though, since portfolio managers like to “talk their book.") One of those gems is written by Matthew Fine, the manager of Third Avenue Value. Carrying on the literary tradition of #ThirdAvenue founder, Marty Whitman, Fine produces interesting, well-written letters. (Note: this is in no way a recommendation or endorsement of Third Avenue Value as an investment vehicle.) Fine’s second-quarter letter (https://lnkd.in/g-XfDqSR) considers the implications if “the era of ever-falling U.S. interest rates is behind us.” Fine believes it is, but whether it is or not, he effectively explains how particular industries and investments have benefitted from four decades of falling rates and easy credit—with one major hiccup, 2007-2009. The commercial real estate and private equity industries, for instance, have feasted upon cheap debt to make acquisitions and increase asset values. As Fine writes, “One can’t help but marvel at what a difference four decades of consistently falling borrowing costs can make.” Because of cheap credit, “asset values of almost all debt-financeable assets have inflated considerably.” This is not news, but it's easy to forget just how much of an impact financial leverage has had, whether you use it directly or not. What strikes Fine is how disruptive higher rates over the past two years have been. (He points out that today's rates are not high by historical standards: the yield on the 10-year Treasury has averaged 5.9% over the past 50 years versus 3.8% currently.) He cites several metrics showing how the health of private equity has deteriorated, echoing a recent Wall Street Journal article ("Private Equity Firms Desperate for Cash Turn to a Familiar Trick"). He concludes that “the trajectory of interest rates is much more important than the absolute levels.” It's one of several points from the letter worth pondering. Keywords: #Investing, #MutualFunds, #PrivateEquity, #InterestRates, #Debt

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