Global Credit Strategy_ Let Credit Be Credit
Berkeley·2025-01-02 03:14
M Global Idea Global Credit Strategy We briefly explore themes that defined 2024. Chief among these was credit's ability to be driven by...credit, with low correlation to rates, elevated single-name risk and a bucking of the regional trends of other markets. Theme #1 – equities over bonds (again): Global equities outperformed global bonds by ~21%. US Treasuries lagged T-Bills for the fourth straight year. Theme #3 – let credit be credit: The return of credit in 2024 came entirely from...credit. Lower correl ...