Free from a house view on econ
Swiss Cheese and High Yield Covenants
What do Swiss cheese and high yield covenants have in common? A lot of holes! Unfortunately for investors, the covenants are not supposed to have holes. They are meant to preserve a lender’s claim value. In this note, we wanted to hash out why covenants are important and wh
2019 Outlook - Party On or Party Over?
Free from a house view on economies, markets or stocks, J O Hambro CapitalManagement’s (JOHCM) fund managers invariably see the world in different ways. We asked a number of our managers for their thoughts on the outlook for their asset class next year, what they would like to see and the possible surprises that 2019 could bring.
The Bottom-Up Search for Value and Income
Today, we are finding income with a margin of safety in certain industries where we believe the threat of disruption is overblown. This is not to suggest that these industries (which include advertising, automobiles and retail) will not face disruption, but rather that the magnitude - or the timing - of the threat may be overstated.
Five Reasons Why It’s Not Too Late to Invest in Emerging Markets
In baseball terms, we believe the upward cycle of emerging markets (EM) is in roughly the third inning of a nine-inning game. In other words, we still see plenty of upside ahead and think it remains a good time to buy.
July 2017 Emerging Markets Spotlight: China’s Credit
The country is in a period of substantially tighter monetary policy, which may have mixed implications for emerging markets, explains James Syme, manager of the JOHCM Emerging Markets Opportunities Fund.