- Perspectives
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- Staff Spotlights
SEPTEMBER 29, 2022
Implications for the Energy Sector
Our Head of Fundamental Research Cameron White discusses the implications of the IRA for the energy and utilities sectors.
SEPTEMBER 28, 2022
Implications for the Auto Industry
Our credit analysts discuss the potential impact of the IRA on the auto sector as it relates to the investment grade and high yield credit markets.
SEPTEMBER 12, 2022
The Macroeconomic Effects of the IRA
While the IRA should result in significantly lower greenhouse gas emissions over time, it is likely to have very little impact on one of its stated goals.
SEPTEMBER 12, 2022
Will the Stars Align for a More Orderly Transition?
The IRA represents the emergence of a national climate policy in the US, one that relies primarily on incentives in hopes that innovation will drive change.
AUGUST 17, 2022
Why Some Emerging Market Central Banks Were Well-Prepared for the Global Inflation Shock, and What It Means for EM Debt
Many emerging market central banks acted much more proactively, tightening monetary policy well in advance of their developed market counterparts.
JUNE 28, 2022
Forward Guidance: To Neutral and Beyond
In our latest episode of Forward Guidance, we discuss the market reaction to the July FOMC policy decision and communications about the outlook for the economy and policy.
JUNE 28, 2022
Only Hawks go to Central Bank Heaven
Many investors expect the next contraction to be brief and shallow, followed by a robust recovery, because they assume the Fed will quickly pivot to lower rates, aggressive use of forward guidance and quantitative easing.
JUNE 9, 2022
After the Shock: Picking Winners and Losers in Emerging Markets
Financial markets are experiencing sharp declines this year driven by rising inflation, Russia’s invasion of Ukraine, challenges to the growth outlook in China and general investor pessimism.
MAY 17, 2022
No, Record-High Job Openings Do Not Improve Prospects for a Soft Landing
Chair Powell has stated that the high level of openings affords policy-makers the opportunity to fine-tune labor demand without causing a recession.
MAY 16, 2022
Convertibles: Why Now?
At 2% of the US investment-grade market and 15% of the US high yield market, US convertibles are often overlooked by investors.
MAY 16, 2022
Thoughts on Equity Market Sell-off
After two years of strong returns, equity markets have faced a challenging start to 2022.
MAY 15, 2022
Rapid Transition to Electric Vehicles Will Upend Global Auto Industry
The global auto industry is on the cusp of a transformation.
MAY 13, 2022
The Muni 360 Podcast - Weekly Wrap Up 5/13/2022
Embracing Change in the Municipal Market.
MAY 8, 2022
After the First Quarter Shock: Investing in Emerging Market Debt
Most financial markets sold off sharply in 2022’s first quarter in response to the war in Ukraine, rising inflation and expected interest-rate hikes.
MAY 6, 2022
Post FOMC Roundup - Clarity from the Fed…For Now
In this Post-FOMC Roundup, we discuss the Fed’s forward guidance for the next few months and what it could mean for financial markets.
MAY 6, 2022
The Muni 360 Podcast - Weekly Wrap Up 5/6/2022
Embracing Change in the Municipal Market.
MARCH 31, 2022
Balancing How to Stay the Course in Challenging Times
Inflation is rising across regions; the US Federal Reserve and the European Central Bank are on the cusp of normalizing interest rates.
MARCH 31, 2022
Hard Truths on Soft Landings
Chair Powell noted that the historical record provides “some grounds for optimism” regarding prospects for a soft landing.
MARCH 23, 2022
Speak Loudly and Carry a Small Stick
Chair Powell’s tough words on inflation and the Committee’s latest projections.
MARCH 7, 2022
Dislocations in the Taxable Municipal Market Toda
y
Given the backdrop of both geopolitical tensions and changing monetary policies at a global level, we have seen elevated volatility since the beginning of the year.
FEBRUARY 24, 2022
International Equity Market Review and Outlook
In 2021, stock selection within the Healthcare and Technology sectors drove most of the outperformance of our International Equity strategy.
FEBRUARY 17, 2022
Remaining Constructive on the Outlook
Yes, there’s reason to worry about inflation and the Federal Reserve’s hawkish pivot. But there are also reasons to remain constructive about the outlook. Here are three.
JANUARY 19, 2022
MacKay’s Global Fixed Income Insights 2022
2021 proved to be a year of transition in fixed income.
JANUARY 13, 2022
MacKay Municipal Managers’ Insights 2022
The past two years are altering the future direction of our lives: where we live, work, learn, communicate and how to prudently invest in municipal bonds.
DECEMBER 3, 2021
Markets Are Still Not Pricing in Enough Monetary Policy
?
Tapering of asset purchases gives the FOMC the option of three to four quarterly policy rate increases next year.
NOVEMBER 21, 2022
ESG & Fixed Income - Beyond Ratings and Labels
Sustainable investing—has moved to a mainstream investment approach.
OCTOBER 21, 2021
High Conviction Ideas for a Post-Pandemic World
While the broad global economy has bounced back from the worst of the COVID-19 downturn, some badly hit sectors and industries offer what we believe is compelling value.
OCTOBER 15, 2021
The Case for a Different Kind of Credit
Securitized credit can offer three important benefits to fixed income investors, including diversification benefits, downside risk mitigation and portfolio efficiency.
OCTOBER 15, 2021
Stagflation: How Real Is the Risk?
Recent market chatter about stagflation risk is understandable, given disappointing economic data and continuing price pressures.
SEPTEMBER 24, 2021
Digging Deep Into Material Factors for ESG Investors
A look at which ESG factors are material, how we track factors that may become material, and how we incorporate the materiality of ESG factors into our credit research and investment processes.
SEPTEMBER 10, 2021
Reshaping Buildings: Opportunity in Plain Sight
As with many of the secular growth trends our team has invested behind, the source of a problem often represents an opportunity.
AUGUST 20, 2021
FAIT Accompli? Fiscal Policy and Inflation Are Reshaping the Monetary Policy Outlook
Prospects for sustained fiscal stimulus, combined with moderate inflation, set the stage for a higher policy rate than financial markets currently discount for the years ahead.
JULY 29, 2021
Will the Delta Variant Derail the Economic Recovery?
Probably not. Growth will likely moderate in major economies, but progress in vaccination campaigns and more effective treatments reduce the odds of a return to lockdowns and a more pronounced slowing in economic activity.
JULY 29, 2021
Audio: New Downside Risks For Global High Yield?
Matthew Jacob, Portfolio Manager, Global Credit Team, speaks to Steve Friedman, Senior Macro Economist, on global high yield portfolio implications.
JULY 19, 2021
2021 Mid-Year Market Insights Update
Consistent with MacKay Municipal Managers’ forecast in our 2021 Insights, the municipal market demonstrated significant resilience in the first half of 2021 reinforcing its historic adaptability.
JUNE 22, 2021
Webinar Replay: Infrastructure Bonds Webinar Replay
The webinar discussion explores why munis is an overlooked asset class, infrastructure policy implications, opportunities for institutional investors.
JUNE 20, 2021
Audio: Did We Dodge A Policy Mistake?
Neil Moriarty, Co-Head of Global Fixed Income, speaks to Steve Friedman, Senior Macroeconomist, on key takeaways for markets and portfolios.
JUNE 20, 2021
June FOMC Meeting: Short-Term Surprise, Long-Term Benefits
Communications at the June FOMC meeting were more hawkish than the market expected, but align with our own thinking on the likely path of policy rates.
MAY 10, 2021
Maximum Employment and the Risks of a Policy Error
The Federal Reserve’s new policy strategy may support a long and vigorous economic recovery.
MAY 10, 2021
Audio: Higher Inflation?
Stephen Cianci, Co-Head of Global Fixed Income, speaks to Steve Friedman, Senior Macroeconomist, on the risks of a monetary policy error and the implications for fixed income investors.
MARCH 28, 2021
Audio: ESG Engagement Part 3 - Negative and Positive Engagement Examples
Given the spectrum of experiences and outcomes in the ESG space, Mark Kehoe and Alexandra Wilson-Elizondo share examples of a negative and positive ESG engagement.
MARCH 28, 2021
Audio: ESG Engagement Part 2 - Emerging Areas of ESG Engagement
Co-Head of Credit Research Mark Kehoe unpacks four emerging areas of engagement in fixed income sectors.
MARCH 28, 2021
Audio: ESG Engagement Part 1 - Alpha Generation Opportunities
The ability of the investor to exert change at the company to improve the risk-reward dynamic, how relevant is this for bond investors?
MARCH 25, 2021
Responsible Investing Series: ESG Engagement in Practice
Many investors fear that applying Environmental, Social and Governance (ESG) criteria to their investments will reduce returns.
MARCH 16, 2021
Credit Markets and the Rate Spike
Not all periods of sharply rising interest rates are the same – the reasons for a rate rise matter as much as its magnitude and speed.
MARCH 16, 2021
Audio: Credit Perspective on Rising Yields
Alexandra Wilson-Elizondo, Senior Portfolio Manager of the Global Fixed Income Team, speaks to Steve Friedman, Senior Macroeconomist, on the team’s constructive credit market view.
FEBRUARY 16, 2021
Audio: Remote Work Portfolio Implications
Portfolio manager discussion on remote working with Joseph Cantwell, Co-Head of Global Fixed Income.
FEBRUARY 16, 2021
Will Remote Work Disrupt the Inflation Narrative?
The pandemic has sped up the trend to remote work, which would otherwise have played out over many years.
JANUARY 21, 2021
Tempting FAIT with Fiscal Policy
The Georgia Senate election results have upended expectations for fiscal policy.
JANUARY 11, 2021
MacKay Municipal Managers’ Insights for 2021
It may seem bold to use only a single word to capture our outlook for the municipal market in 2021.
APRIL 1, 2022
Panel Q&A with MacKay Analysts
The economic impact of the unfolding crisis in Ukraine is likely to be stagflationary for advanced economies, including the U.S.
APRIL 1, 2022
Economic Outlook Discussion
By year end, GDP growth is likely to slow to its trend rate of about 2%, with core inflation still above 4%.
APRIL 1, 2022
Asset Allocation Discussion
Watch our panel discussion on understanding asset prices, inflation and growth in a structured way.
MARCH 31, 2022
Making A Difference In The Community
We recognize the women at MacKay who make a difference in our communities. Hear their stories and how service has enriched their lives.
MARCH 22, 2022
Mentorship and Finding Inspiration
Our colleagues share the importance of mentorship. See how they give and find inspiration along their career journeys.
MARCH 17, 2022
Tougher Talk on Inflation
In a Post-FOMC Roundup, we discuss the Fed's growing emphasis on fighting inflation, while also noting how accommodative policy remains.
MARCH 14, 2022
Celebrating the Women of MacKay: Careers in Finance
Hear the heartfelt career conversations from the women of MacKay and their advice for others in pursuit of this field.
MARCH 10, 2022
Policy, Price Pressure and Portfolios
Watch the recording on MacKay’s discussion of macro, sector and asset class dynamics in advance of the next FOMC meeting.
MARCH 8, 2022
International Women’s Day—Break the Bias
Imagine a world where difference is valued and celebrated. We can all do our part—hear and see our commitment.
MARCH 1, 2022
Celebrating Women’s History Month
The women of MacKay inspire through collaboration, diversity, agility, commitment, drive, integrity and resilience.
JANUARY 31, 2022
Out of Patience
In a Post-FOMC Round Up, Steven Friedman and Stephen Cianci discuss raising rates, inflation, and how we're repositioning portfolios.
DECEMBER 14, 2021
Convertibles Team - 2022 Outlook
Thomas Wynn, CFA, Portfolio Manager, focuses on the impact of rising rates, lower volatility than stocks, and asymmetric returns.
DECEMBER 14, 2021
Global Fixed Income Team - 2022 Outlook
The Global Fixed Income Team discusses a cycle like no other, inefficient bond pricing, and a bifurcated market.
DECEMBER 14, 2021
Global Credit Team - 2022 Outlook
Eric Gold, Head of Global Credit, highlights rising stars, relative value in single Bs, and yield + upgrades in energy.
DECEMBER 14, 2021
Fundamental Equity Team - 2022 Outlook
Carlos Garcia-Tunon, CFA discusses Covid's impact on supply chains, interest-rate policy shifts, and Chinese Regulation.
DECEMBER 14, 2021
Macroeconomic Outlook for 2022
Steven Friedman, Senior Macroeconomist, highlights the Fed's pivot from patience on inflation and conflicting signals on trend growth.
DECEMBER 14, 2021
ESG Outlook for 2022
Erin Heide, Director of ESG & Sustainability Initiatives, talks climate risk, standard metrics, and engagement.
DECEMBER 14, 2021
High Yield Team - 2022 Outlook
Andrew Susser dicusses inflation and pricing power and iinterest-rate and Ccedit risk in high yield.
DECEMBER 14, 2021
Corporate Responsibility - 3 Things to Watch in 2022
Jeffrey Phlegar and Janelle Woodward discuss employee engagement, responsible citizenship, and community partnership.
OCTOBER 15, 2021
Fixed Income Investing in the Middle of the Cycle
Stephen Cianci, Head of Global Fixed Income speaks to Steve Friedman, Senior Macro Economist on mid cycle portfolio implications.
SEPTEMBER 29, 2021
Beyond Ratings and Labels
Our High Yield Team and Global Credt Team, join Municipal Managers to discuss Fixed Income & ESG.
June 30, 2022
Core Investment Grade
Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while allocating across Core sectors.
June 30, 2022
Core Plus
Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while opportunistically allocating investments across a range of core and off-benchmark sectors.
June 30, 2022
Core Plus Opportunities
Seeks to outperform the benchmark by eliminating or reducing uncompensated risk while opportunistically allocating investments across a range of core and off-benchmark sectors.
June 30, 2022
Structured Product Opportunities
Unconstrained, seeking to outperform Libor through top-down analysis and bottom-up security selection.
June 30, 2022
Structured Product Total Return
Seeks to outperform the benchmark through top-down analysis and bottom-up security selection.
June 30, 2022
Strategic Bond
Strategic Bond managed by the Global Fixed Income team.
June 30, 2022
Convertibles
Seeks to maximize total return by outperforming the market and our competition while managing against downside risk.
June 30, 2022
High Yield
Seeks to identify securities that will minimize defaults and maximize yield and capital appreciation.
June 30, 2022
Low Volatility High Yield
Seeks to earn attractive, risk-adjusted income through a combination of safety and yield.
June 30, 2022
Global High Yield
Seeks to outperform the benchmark by seeking to eliminate uncompensated risk from investments in below investment grade securities.
June 30, 2022
High Yield Active Core
Seeks to outperform the benchmark by eliminating uncompensated risk from investments in below investment grade securities.
June 30, 2022
Credit
Seeks to outperform the benchmark by eliminating or reducing uncompensated risk from investments in corporate credit securities.
March 31, 2022
Short Duration High Yield
Seeks to provide an attractive risk adjusted return through eliminating uncompensated risk with investments in below investment grade securities.
June 30, 2022
Fundamental International Equity All Country
Seeks to outperform the MSCI All Country World ex-US Index over a full market cycle while providing low downside capture during equity market sell-offs.
June 30, 2022
Fundamental International Equity
Seeks to outperform the MSCI EAFE Index over a full market cycle while providing low downside capture during equity market sell-offs.
June 30, 2022
Municipal High Yield
Seeks to generate attractive after tax returns by investing primarily in lower investment grade and non-investment grade municipal securities.
June 30, 2022
Municipal Investment Grade
Seeks to generate attractive after-tax returns by investing primarily in investment grade municipal securities.
June 30, 2022
Municipal Short Term
Seeks to generate attractive after tax returns by investing primarily in tax-exempt and taxable municipal securities with a maximum portfolio duration of three years.
June 30, 2022
Municipal Taxable Active
Principally invests in taxable municipal bonds that are rated investment grade.
April 12, 2022
Strategic Bond
A dynamic allocation across multiple market environments.
April 12, 2022
Core Plus Opportunities
A different kind of core plus fixed income solution.
Staff Spotlight - Rene Bustamante
Chief Administrative Officer
Enterprise Business Services Associate
Staff Spotlight - Thomas Musmanno
Client Portfolio Manager
Staff Spotlight - Valentina Chen, CFA
Co-Head of Emerging Market Debt Team
Staff Spotlight - Young Lee, CFA
General Counsel
MARCH 21, 2022
Balancing How to Stay the Course in Challenging Times
Inflation is rising across regions; the US Federal Reserve and the European Central Bank are on the cusp of normalizing interest rates.
MARCH 7, 2022
Dislocations in the Taxable Municipal Market Toda
y
Given the backdrop of both geopolitical tensions and changing monetary policies at a global level, we have seen elevated volatility since the beginning of the year.
FEBRUARY 24, 2022
International Equity Market Review and Outlook
In 2021, stock selection within the Healthcare and Technology sectors drove most of the outperformance of our International Equity strategy.
FEBRUARY 17, 2022
Remaining Constructive on the Outlook
Yes, there’s reason to worry about inflation and the Federal Reserve’s hawkish pivot. But there are also reasons to remain constructive about the outlook. Here are three.