Clients and consultants often ask when we think we’ll see mean reversion from growth to value—and we tend to think it’s unlikely until cyclical stocks enjoy an economic tailwind that allows them to generate sustained profits. The next logical question, then, is when that tailwind might arrive. Given we think interest rates likely stay lower for longer, and we don’t expect a V-shaped recovery, we anticipate only a short-term lift in cyclicals coming out of the pandemic.
The Art and Science of ESG in Fundamental Research—Thornburg
ESG analysis opens news fields of inquiry into corporate management’s performance on key sustainability issues. ESG miners and energy companies? “Really...
Fed Fuels Record High-Yield Bond Market Issuance and Investor Inflows—Thornburg
Amid a massive return since the March low, the default rate has nearly tripled from year-ago levels as recovery rates deteriorate. “Kicking the can down...