PPM Quarterly: Weighing What Matters

The conflict in the Middle East, the ongoing war in Ukraine, the outcome of the US Presidential election and the progression of the Fed’s easing cycle – these are some of the events that present risks but also opportunities for investors. In this newsletter, we try to determine how these events are likely to affect investment outcomes for our clients. Having said that, as a bottom-up, research-driven fixed income asset manager, we believe that our core competence does not lie in predicting how these events unfold, such as the speed of rate cuts by the Fed. Rather, we intend to generate alpha for our clients by understanding how sectors and individual credits may be most impacted by these events (e.g., by lower interest rates, regardless of how quickly the Fed cuts).

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As of Oct. 23, 2024. Unless otherwise stated, the information presented has been prepared from market observations and other sources believed in good faith to be reliable. Information and opinions expressed by PPM are current as of the date indicated and are subject to change without notice. Forward-looking statements are subject to uncertainties that could cause actual developments and results to differ materially from the expectations expressed.

Past performance is no guarantee of future results. Investments involve varying degrees of risk and may lose value.