
Market Review and Outlook 2Q22 - Investment Grade and Tax-Exempt Fixed Income
Higher rates, wider spreads, geopolitical challenges, and recurring volatility underscore need for continued defensiveness.

Market Review and Outlook 2Q22 - Leveraged Finance
According to JP Morgan, when loans trade above 8% and/or below a price of $94.00, forward 12-month returns have historically averaged +9.1%). Meantime, the ICE BofA U.S. High Yield Index ended the first half at a yield to worst of 8.94%, improving the prospects for above-average future returns in that asset class.

Leveraged Loans: An All-Weather Asset Class
While loans remain a hedge against inflation and rising rates, we believe they deserve space in every investor’s fixed income portfolio, regardless of market conditions.