A transformation is taking place in the Developed World. It is vital to understand that demographics will worsen over the next thirty-five years and this is already having a dramatic influence on economic growth and asset prices. 1) We are feeling the impact of a declining or slower-growing labor force, an aging population and lengthening […]

Industry Overview BDCs are lightly leveraged Closed End Funds that trade on US exchanges (NYSE and NASDAQ). They originate and invest in loans to companies that are generally too small to access public markets. Several BDCs are of institutional investor quality. Since September 2014 the S&P BDC Index has fallen 20%, and many BDCs are […]

High yield is over-crowded, and there is nothing to gain any longer by being invested. Is this the case? How will high yield react in the case of rising interest rates? The question that should be asked is, “Are we at the end of a five year bull market in corporate bonds or at the […]