Surprises from the First Half of 2023: Our Investors Weigh In

The market has seen its fair share of surprises in recent years, and the first half of 2023 was no different. From the collapse of Silicon Valley Bank to OPEC cuts, investors had plenty of unexpected developments to digest, with varying degrees of market impact. We asked a few of our investors to share the surprises that changed their outlook or their view of the opportunity set. Here’s what they had to say:

Municipal Curve Inversion Creates Potential “Double-Decker” Opportunity

Municipal Bond Portfolio Manager Dawn Mangerson discusses how the first-ever inversion of the municipal yield curve has contributed to a favorable view of the long end of the curve.

Positive Surprises in Brazil Underline Structural Improvements

In Brazil, Senior Analyst Ji Zhang sees potential opportunity in resilient businesses against a backdrop of falling inflation and possible central bank easing.

Stronger-Than-Expected Labor Market Could Point to a More Resilient Economy

The pace of job gains so far this year has exceeded expectations. Associate Portfolio Manager Michael Gladchun discusses what this trend may mean for the cycle.

Broad Resilience Among EM Economies Can Contribute to a Constructive Outlook

Investment Strategist Jackie Lafferty currently sees potential opportunity in emerging market debt thanks in part to a resilient growth backdrop.

In the Loan Market, A Shift Toward Secured Bond Issuance Has Started

Bank Loan Portfolio Manager Heather Young explains the potential drivers behind the increase secured bond issuance in the loan market.

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