In this panel discussion, Senior Vice President – Investment Specialist Katie Klingensmith talks with Portfolio Manager Bill Zox and Associate Portfolio Manager & Senior Research Analyst Andrew Bogle about the outlook for corporate credit:
Despite the recent pressure on equities, U.S. high yield has remained resilient, helped by a sizable equity cushion. We contend that it would take a material move lower in equities to put pressure on credit spreads. Until then, with the yields being offered in high yield, we continue to think an allocation is warranted.
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Groupthink is bad, especially at investment management firms. Brandywine Global therefore takes special care to ensure our corporate culture and investment processes support the articulation of diverse viewpoints. This blog is no different. The opinions expressed by our bloggers may sometimes challenge active positioning within one or more of our strategies. Each blogger represents one market view amongst many expressed at Brandywine Global. Although individual opinions will differ, our investment process and macro outlook will remain driven by a team approach.