Brandywine Global
Macro and fixed income insights from Brandywine Global.
United States5 articlesLast published 21 Jan 2025
Fixed IncomeMulti-Asset
Research
Brandywine GlobalMulti-Asset
A Bull or Bear Outlook for the Dollar?
Brandywine Global's Portfolio Manager Anujeet Sareen and Investment Specialist Katie Klingensmith examine the structural and cyclical drivers behind the multi-year U.S. dollar bull market, including fiscal policy, interest rate differentials, and labor market dynamics. They argue that waning fiscal stimulus and a narrowing U.S. yield advantage point to roughly 10% dollar depreciation toward 2019 levels, without forecasting a full-blown bear market.
21 Jan 2025
Brandywine GlobalFixed Income
Attractive Starting Point for Multi-Asset Fixed Income
Brandywine Global Portfolio Manager Brian Kloss and Investment Specialist Katie Klingensmith make the case for allocating to global multi-sector fixed income in early 2024, citing compelling starting yields and total return potential as central banks begin cutting rates. The discussion covers opportunities across high yield, investment grade, emerging markets, securitized credit, and developed market sovereigns, with active management highlighted as key given tight spreads and residual macro risks.
12 Jul 2024
Brandywine GlobalFixed Income
Credit Roundtable: Finding Opportunities Requires Patience and Persistence
Brandywine Global portfolio managers discuss 2024 global credit markets, covering Fed policy's impact on spreads, corporate earnings mixed signals, and valuation concerns in investment grade and high yield. They identify specific opportunities in agency MBS, credit risk transfers (CRT), subprime auto ABS, and CMBS, emphasising the importance of patience and bottom-up selectivity in a stretched-valuation environment.
12 Jul 2024
Brandywine GlobalFixed Income
Inflation Picture Comes into Focus
Brandywine Global's Head of Global Macro Strategy Paul Mielczarski and Investment Specialist Katie Klingensmith assess the U.S. inflation trajectory, arguing that despite Q1 surprises, disinflation should resume and the Fed is likely to deliver at least two 25bp cuts in 2024. They express a constructive view on fixed income - particularly 10-year Treasuries and Latin American local-currency bonds - while flagging dollar overvaluation and recession tail risks.
12 Jul 2024
Brandywine GlobalFixed Income
Looking Past Spreads for Opportunities in High Yield
Brandywine Global Portfolio Manager Bill Zox argues that despite tight U.S. high yield spreads, the asset class remains attractive given ~8.3% yields, below-average default rates in the mid-2% range, and favorable supply/demand technicals. The piece also examines risks from higher-for-longer rates, maturity walls, and large over-levered capital structures, while highlighting sector-specific opportunities such as cable.
12 Jul 2024