Featured Reports

Q1 2023: Something Has to Give

A row of electrical towers with the sunset behind them

The dust has now settled on a frustrating quarter for managers positioned defensively, as we are. We began the year with many more bears to keep us company than was the case a year ago. The consensus was that the Federal Reserve would…

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Climate Risk and Asset Repricing

Most of us follow the markets and interest rates on a day-to-day basis, and this takes up a lot of time and attention because they tend to have a more short-term and immediate impact on markets. Yet, climate change by comparison is often viewed as a slower moving issue that we don’t know when or where…

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Has Something Finally Broken?

Our investment thesis since early 2022 has been that the Federal Reserve will continue to raise rates and keep them at a high level until either inflation returns to target or “something breaks” in the form of a major financial crisis. The failures of regional banks Silvergate, Silicon Valley Bank (SVB) and Signature Bank earlier…

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