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Global Credit Outlook & Integration of ESG into Credit Portfolios
Senior investment staff from our New York and London offices share their latest thinking for broad credit markets in 2021, covering outlook, risks, developed markets through emerging markets, and from investment grade through to high yield. In addition, we look at developments and best practice in ESG analysis in credit investing.
EMD Market Outlook Virtual Presentation
Hosted By Jim Craige CFA Co-CIO, Head of Emerging Markets
Senior Investment Staff from Stone Harbor's London and New York Offices share their latest thinking for emerging markets debt in 2021.
ESG and Investing in Emerging Markets Debt [MORE]
Throughout our history we have striven to be at the forefront of ESG risk assessment. We regard ESG analysis and engagement with issuers as integral components of thorough credit analysis. For investors seeking a more proactive Emerging Market ESG investment strategy we propose an Enhanced ESG strategy for both EM sovereign and corporate investments.
Investment Policy Statement: Talking Talking Taper[PDF]
The US economic recovery is predicated on vaccination progress leading to sharply improved economic outcomes. The trend for both vaccinations and economic data has been encouraging, and the recovery has, for the most part, remained on track. At the same time, the US Federal Reserve (Fed) has reiterated its desire to return to the pre-pandemic labor market, which implies patience in removing monetary accommodation. Over the most recent weeks, however, the Fed has been confronted with conflicting data – namely, slower employment growth and higher core inflation. These data points have renewed questions around the Fed’s timeline for initiating the taper of bond purchases and then subsequently increasing interest rates. In our view, while the headline figures were certainly surprising and warrant close attention, the underlying data suggest more nuanced dynamics that we think will keep the Fed in a wait-and-see, data-dependent mode, at least in the near term.