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Kristofer Kwait

Capturing Credit Opportunities in Times of Crisis

Posted by Olga Chiriac, Vincent Kravec, Kristofer Kwait on Jul 10, 2020

Topic: COVID-19 | Fixed Income

On the heels of the dislocation brought about by COVID-19 many investors have sought to define the outlook for various sectors of the market. We have seen some managers in the core bond space materially lean into corporate credit to take advantage of the “generational wides” in credit spreads. We were curious to put the current event in context relative to other meaningful spread widening events and use this as a springboard to consider possible outcomes in credit going forward.

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Do Bear Markets Favor Active or Passive Investing? It Depends.

Posted by Mark Bennett, Kristofer Kwait on Apr 6, 2020

Topic: COVID-19 | Investment Strategy

In the ongoing debate about active versus passive investing, conventional wisdom posits that active investing outperforms passive in recessionary or bear market environments. The question is: Will the expected pattern hold up in the current sell-off and what will almost assuredly be the ensuing recession? The answer: it depends...

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The Sustainability Conundrum

Posted by Deborah Spalding, Mark J.P. Anson, John Delano, Kristofer Kwait on Feb 12, 2020

Topic: Responsible Investing

Sustainable investing, sometimes called environmental, social, and governance (ESG) investing, has been a hotly contested topic for decades, an the debate continues with both supporters and naysayers drawing battle lines across the social divide. Do ESG initiatives add value to an investment portfolio? Subtract from it? Are they neutral, but with the potential to be valuable?

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Tactical Allocation: Winning Strategy or a Fool’s Game?

Posted by Deborah Spalding, Kristofer Kwait on Oct 4, 2019

Topic: Asset Allocation | Investment Strategy | Risk Management

Institutional investors overseeing long-term pools of capital typically define their tactical allocation with specific targets and bands or ranges.

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Investment Manager Fees Part II: Creating Alignment

Posted by Kristofer Kwait on Jun 17, 2019

Topic: Industry Knowledge

A favorable fee arrangement should make sense and foster positive outcomes for both our clients and managers. One approach might be to pay for...

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Investment Manager Fees: Out of Sight, Out of Mind

Posted by John Delano, Kristofer Kwait on May 22, 2019

Topic: Industry Knowledge

One of the most pressing questions facing fiduciaries is that of investment management fees. We think it is a healthy and necessary discussion...

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Wage Inflation: Is it Different This Time?

Posted by Ryan Driscoll, Kristofer Kwait on Jul 13, 2018

Topic: Market Commentary

The Federal Reserve Governors have been waiting patiently for a meaningful jump in inflation to validate the removal of historically low interest rates that laid the foundation for the economic recovery since the financial crisis. And . . . while The Fed continues to wait . . .

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Strong Signals Support the Fed’s Path Forward

Posted by Ryan Driscoll, Kristofer Kwait on Jun 15, 2018

Topic: Industry Knowledge | Market Commentary

Ultimately, the decision to increase rates was unanimous as the vote was 8-0. Federal Reserve officials raised interest rates for the second time this year and upgraded their forecast to four total increases in 2018, as unemployment fell and inflation exceeded their targets faster than previously projected.

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Inflation Expectations are Rising. How Can Investors Protect Portfolios?

Posted by Ivo C. Nenin, Kristofer Kwait on May 14, 2018

Topic: Investment Strategy | Real Assets | Spending Policy

In March, capital markets entered their tenth year of post-crisis recovery. For diversified portfolios, these have been some of the most profitable times, characterized by strong returns, positive correlations between equities and bonds and robust illiquidity premiums from private programs . . .

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The Fed Stays the Course

Posted by Ryan Driscoll, Kristofer Kwait on Mar 22, 2018

Topic: Industry Knowledge | Market Commentary

An increase in the Fed Funds rate at the March FOMC meeting was a forgone conclusion. The biggest unknown was whether the new chairman of the Federal Reserve, Jay Powell, would continue the cautious approach of his predecessor, Janet Yellen, or choose a slightly more aggressive stance in removing the accommodative policies of the last ten years.

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