Webinar series: Managing multi-tiered risks | RBC Global Asset Management (original) (raw)
Markets are at a crossroads. On the one hand, the U.S. economy continues to grow at a healthy pace, supported by the healthy consumer and the housing market activity being stimulated by the recent decline in mortgage rates. On the other hand, inflation remains sticky and FOMC may not be in a hurry to cut rates in this scenario. Meanwhile, markets are pricing in several cuts this year.
We came into this year expecting pushback in the market pricing of rate cuts from central banks and this has largely materialized. But the next phase could be much trickier and could largely depend on how the US economy develops over the coming months. The potential for idiosyncratic landmines remains high.
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Roman Emperor Marcus Aurelius said that “the secret of all victory lies in the organization of the non-obvious.” In today’s volatile world, we endeavor to look for the “non-obvious” and account for the many factors that can affect our investment success. Understanding these risks and having the experience to deal with these forces may be what sets investors apart and allow skillful active managers to succeed.
Over the course of the year, our BlueBay Fixed Income Team specialists will focus on the complexities that continue to challenge investors as they look to reposition their portfolios in this environment. This webinar series will help you make sense of the current investment climate and better prepare you to make intelligent decisions for your portfolio.
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Episode one: When experienced results vary from consensus expectations
During episode one of the webinar series, Andrzej Skiba, Head of US Fixed Income and BlueBay Senior PM at RBC GAM, focused on the risks and opportunities associated with results varying from consensus expectations. Investors may be disappointed with the pace of rate changes this year and this would likely bring additional volatility to the market. Andrzej shared his insight on the current market environment and where we are finding the most attractive risk-adjusted opportunities.
Episode two: Emerging markets: managing a complex set of risks in the year ahead
As we move towards the mid-way point of the year, episode two of the webinar series brought Polina Kurdyavko, Head of BlueBay Emerging Markets and Senior Portfolio Manager at RBC GAM, and Mihai Florian, BlueBay Senior Portfolio Manager of Emerging Markets at RBC GAM, to discuss the diverse world of emerging market debt. The asset class offers significant opportunities and its volatility profile can be misunderstood. We had an in-depth discussion of the drivers of idiosyncratic risk and returns in emerging markets across liquid and illiquid markets. Watch the reply of this interactive episode with Polina and Mihai on how we bring our investment experience to untangle this complicated web.
Episode three: Navigating the changing tides in leveraged finance
During episode three of the webinar series, Tim Leary, BlueBay Senior Portfolio Manager at RBC GAM, led a discussion on managing a wide range of outcomes in the U.S. high yield market. This episode explored the likelihood of increased defaults and how an in-depth knowledge of the issuers in your portfolio will matter more than ever.
Episode four: Managing election year jitters
We live in a time of unprecedented geopolitical risks and the very future of democracy may be in question. In terms of the number of elections, 2024 is set to be the biggest election year in history. In episode four of the webinar series, Graham Stock, BlueBay Senior Sovereign Strategist at RBC GAM, and Charlie Whinery, BlueBay Portfolio Manager at RBC GAM, delved into the policy ramifications of various potential outcomes.
Episode five: Assessing a shifting landscape
Mark Dowding, BlueBay Chief Investment Officer at RBC GAM, closed out the series in episode five on November 14, 2024, at 11:00AM ET with insights he has developed over his distinguished career and after meetings with some of the largest investors in the world. Passionate, insightful, contrarian at times and always a true thought-leader in his field, Mark shared his views on the post U.S. election state of global markets, providing insight on his expectations for how the policy agenda of the President will affect 2025 and beyond.