GLOBAL MULTI-SECTOR FUND
The performance quoted 29 March 2019
| The performance quoted represents past performance, which is no indication of future results.The performance quoted represents past performance, which is no indication of future results.The performance quoted represents past performance, which is no indication of future results.The performance quoted represents past performance, which is no indication of future results. |
- In a week that reversed many of the prevailing trends for the year, we saw improving macroeconomic sentiment,helped by constructive trade comments from European and U.S. leaders. That was offset somewhat by profit warnings
- from big tech firms, most notably Facebook. European stocks indexes rallied almost 2% on the week.The U.S. economy proved once again that it is leading the continued expansion of global economic growth with 7.1%nominal gross domestic product (GDP) and 4.1% real GDP growth for Q2, reported on Friday. The strong gains inboth prices and real economic growth further increases the probability of a fourth rate hike for the year at the Decembermeeting. The probability of a December hike has been trending upward, and is now over 70%, based on solid
- economic data such as Friday’s GDP report.CCC high yield continues to be the best performing segment in the fixed rate corporate debt space, up 4.34% year to date compared to a 2.57% loss for investment grade corporates. CCC yields are approaching their 6 month low, andspreads are close to their tightest levels in 4 years.
The Week ahead
Monday
Tuesday
WEdnesday
INDEX RETURNS
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| 1 Week | YTD | 1-YR | 3-YR | 5-YR |
|---|
| U.S. Aggregate | 0.35 | 5.23 | 10.49 | 5.10 | 4.03 |
| IG Corporates | 1.45 | 2.22 | 10.03 | 5.48 | 4.81 |
| HY Corporates | 2.71 | -7.44 | -2.28 | 2.11 | 3.71 |
| Bank Loans | 1.21 | -7.61 | -5.22 | 1.12 | 2.25 |
| IG Corporates 1-3 Year | 0.42 | 1.47 | 4.54 | 3.07 | 2.56 |
THEASURY
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| Latest | 1-YR Low | 1-YR High | 1-WK Change | YTD Change | 1-YR Change |
|---|
| IG Corporates | 186 | 93 | 373 | -22 | 93 | 67 |
| HY Corporates | 680 | 315 | 1100 | -77 | 344 | 292 |
| EM Aggregate | 457 | 278 | 720 | -37 | 156 | 162 |
| MBS | 73 | 28 | 115 | 3 | 34 | 30 |
| ABS | 124 | 27 | 325 | -8 | 80 | 93 |