Muzinich & Co’s Post

Muzinich & Co Asset Allocation Group Update – October 2024 ◾ Visible divergence between the US and European macro momentum. ◾ US rates volatility hurts the overweight US credit short term, but we look through it. ◾ China’s stimulus plan can make a difference this time. ◾ Carry is king as US rate markets stabilise after September Job report. Erick Muller, Director of Market & Product Strategy, discusses the main conclusions of our Asset Allocation Group which include our scoring on the Fundamentals, Technicals and Valuations of global credit markets. To learn more about Muzinich & Co, please visit - www.muzinich.com #publicmarkets #fixedincome #assetallocation Muzinich & Co. Views and opinions as of October 2, 2024, which are subject to change without notice. Views and opinions for illustrative purposes only, not to be construed as investment advice or an invitation to engage in any investment activity.

As the US election looms, investors are keen to understand what a Democrat or Republican victory will mean for credit markets. In our latest article, we get the views of our CEO and former US Deputy Secretary of the Treasury, Justin Muzinich, as well as portfolio managers Bryan Petermann, Kevin Ziets, Anthony DeMeo and warren hyland, and our co-head of US private debt, Michael R Smith. To read the article, click here - https://lnkd.in/e2jppSsi For more information on Muzinich & Co., visit www.muzinich.com To receive the latest thinking from our investment teams on public and private corporate credit markets, click here - https://lnkd.in/ehz8k2tp #USElection #FinancialMarkets #InvestmentInsights #CorporateCredit

Muzinich & Co Corporate Credit Snapshot – October 2024 ◾ Following the Federal Reserve’s (Fed’s) September 18th 50 basis points (bps) cut to US policy rates to combat an “uncertain economic environment,” economic data seems to confirm that disinflation trends have rooted in advanced economies. ◾ US and European rates travelled similarly—having rallied ahead of the Fed’s move, both US and European rates moved higher in the second half of the month, causing rate curves to steepen. ◾ In Europe, the automotive sector was in the spotlight this month; auto profit warnings have brought a return of cyclical concerns in Europe, and we believe Q3 earnings will be important to counter investor concerns about consumer weakness in Europe. ◾ Emerging Market (EM) debt generated positive returns this month, with investment grade assets benefitting from falling US government yields, while high yield was bolstered by a risk-on environment that helped spreads tighten. Please click to read our monthly Corporate Credit Snapshot which looks back at market events over the previous month - https://lnkd.in/entHZa7F #corporatecredit #fixedincome #publicmarkets Past performance is not a reliable indicator of current or future performance

In the latest edition of our EM Monthly series, portfolio manager warren hyland looks at Turkey’s economic and political journey and assesses whether now is a good time to consider Turkish corporates. Click here to read the article - https://lnkd.in/ePZy7-4n For more information on Muzinich & Co, visit www.muzinich.com

Evergreen Funds: The New Frontier of Private Markets We are excited to host a roundtable discussion at the upcoming Italy Investors Forum 2024, hosted by Markets Group on October 9. Join Gianluca Oricchio, Chief Executive Officer of Muzinich & Co. SGR S.p.A., Co-Head of Parallel Lending and Head of Artificial Intelligence Solutions, for an interactive session at 13:15 (Table 6). We look forward to seeing you there! To learn more about the event, please click here - https://lnkd.in/d6FfD5dE To learn more about Muzinich & Co, please visit – www.muzinich.com

Last week raised more questions for investors than answers. ◾ Has the Bank of Japan been getting PR lessons? ◾ What can we learn from the inauguration speech by Mexico’s new President, Claudia Sheinbaum? ◾ Why did risk assets perform sluggishly, despite supportive economic data? For our thoughts on these questions and more, click here - https://lnkd.in/dwA4Y7Xc For more information on Muzinich & Co., visit www.muzinich.com To receive the latest thinking from our investment teams on public and private corporate credit markets, click here - https://lnkd.in/epZwbVYx #GlobalEconomy #BoJ #FinancialMarkets #InvestmentInsights 

Compression has been a defining characteristic of credit markets since late 2023. So why does it look like that trend is starting to reverse? That’s the question Muzinich portfolio manager Ian Horn, CFA seeks to answer in his latest monthly column on the key developments in global credit markets. Click here to read more - https://lnkd.in/ej87e3ba To receive the latest thinking from our investment teams on public and private corporate credit markets, sign up by clicking here - https://lnkd.in/epZwbVYx For more information on Muzinich & Co., visit www.muzinich.com #corporatecredit #investmentgrade #creditspreads Muzinich & Co views and opinions are for illustrated purposes only and not to be construed as investment advice.

Will private debt’s golden age continue? Join Muzinich & Co’s co-head of private debt, Pan-Europe, Kirsten Bode on 5th November at SuperInvestor 2024. Kirsten will participate on a panel alongside other industry experts to discuss: ◾ How the private debt market has fared in 2024 and what we can expect in 2025 and beyond ◾ How managers are navigating interest rates cycles and volatility ◾ Lessons learned from the various crises the market has faced in recent years. To learn more about the conference, please click here - https://lnkd.in/d39gqsP To learn more about Muzinich Private Debt, please visit - https://lnkd.in/eHRk2Nih

Insuring a planet in transition Join Muzinich’s co-head of public markets Tatjana Greil Castro, PhD on October 17 at Insurance Ireland’s annual European Insurance Forum 2024. Tatjana will join Ugo Bassi of the European Commission and Kathrin Scherff of Hannover Re for a panel discussion on how insurance capital can contribute to a sustainable transition and reporting on progress. To learn more about the event, please click here - https://lnkd.in/eqefTinD To learn more about Muzinich & Co, please visit – www.muzinich.com #EIF2024 #InsuranceConference #Insurance