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Alpinum Investment Management’s Blog offers an opportunity to share some of the knowledge we gathered over the years blended with current markets trends and activities.
All insights are written by the portfolio management team. Due to our expertise, we are also often contacted by media-creatives for statements, which we are pleased to make them available to you.
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Since the start of the year, credit spreads of European loans have increased from around 400 bps to above 700 bps. At the same time, short-term interest rates have just been lifted to around 2% by the ECB on October 27th. As a consequence, European loans earn now on average an attractive yield of 9%
EU loan spreads increased in 2022 from 400 to 700 bps Read More »
Investors continue to face an adverse environment across major asset classes. The sustained headwinds and uncertainties require active management, diversification and downside management capabilities, all attributes of an absolute return mindset. Alpinum feels comfortable in this environment due to its agile and versatile approach in managing portfolios, thorough assessment of downside risks and beneficial diversification,
Alpinum Alternative Investment Strategy – Downside Resilience Read More »
September was characterized by key interest rate hikes by several European central banks. The ECB increased deposit rates for the second time this year at the beginning of September as inflation rates had risen to over 8% – far from the ECB’s medium-term target of 2%. Further European central banks followed ECB’s move with rate
Several central banks in Europe followed the ECB hike of early September Read More »
The Fed’s rate hike path in 2022 is driving up bond yields in all markets. For example, the yields of short-term bonds (1-3 years) in high yield and investment grade bottomed out in 2021 and climbed to a high of 10.2% and 5.3%, respectively, by the end of September 2022. The latter marks a record
US investment grade short-term yields reach 10-year record high Read More »
The Fed’s rate hike path in 2022 is driving up bond yields in all markets. For example, the yields of the short-term high yield and investment grade bond indices bottomed out in 2021 and climbed to a high of 10.2% and 5.3%, respectively, by the end of September 2022. The latter is a remarkable rise
US investment grade short-term Yields reach 10-year record high Read More »
We are pleased to announce that we have become a signatory to the UN-supported Principles for Responsible Investment (PRI). Becoming a PRI signatory is an important milestone for us and forms part of our broader strategy. The PRI is recognized as a global network of asset managers, asset owners and service providers to promote sustainable
Alpinum IM becomes PRI Signatory Read More »
In March 2022, the USD swap curve inverted, and by the end of August, the spread between the two- and ten-year maturities fell to -0.6% (see also the Alternative Credit Letter of April), suggesting imminent economic weakness. In June, the Fed funds futures curve also reversed at the back end, pointing to a more dovish
Yield curve indicates economic weakness, lower inflation Read More »
In March 2022, the USD swap curve became inverted and by the end of August the difference between the 2-year vs 10-year tenors fell to -0.6% (see also Alternative Credit Letter in April), a signal of economic weakness ahead. In June this year, the Fed funds futures curve also inverted, pointing to a more dovish
Yield curve indicates economic weakness, lower inflation Read More »
HFM European Performance Awards 2022
Two HFM European Performance Award Nominations Read More »
The peak Fed funds rate is currently priced in at a level of 3.4% (down from >4% in mid-June) for February 2023. However, the shape of the curve is of even greater importance. The inverse shape of the current Fed futures curve indicates that the market expects the Fed to succeed with its measures to
Markets price in a peak Fed Funds Rate of 3.4% in February 2023 Read More »
