ACTIONABLE ADVICE FOR FINANCIAL ADVISORS: Newsletters and Commentaries Focused on Investment Strategy

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2013-09-24 How the Roll-Down Effect Now Helps Bond Investors by David Schawel, CFA (Article)

Retail investors have been rapidly selling out of bond funds. That may be either wise or unwise with the benefit of hindsight, but one often-overlooked fact remains: New and existing bond investors now have the benefit of a much steeper yield curve. In fact, the “roll down” portion of a bond’s return is one of the most important and least understood aspects of a bond’s total return.

2013-02-12 Two Things about High-Yield Bonds Investors Must Understand Today by David Schawel, CFA (Article)

Let's look at two characteristics of the high-yield market that have changed over the past few years without many investors realizing it.

2012-12-11 Loomis Sayles' Matt Eagan on the Macro and Fixed Income Outlook by David Schawel, CFA (Article)

In this interview, Loomis Sayles' Matt Eagan discusses the fixed income universe, Fed policy and issues facing the global macro economy. Eagan is the co-manager, along with Dan Fuss, of the Loomis Sayles Bond Fund and he manages the Loomis Sayles Strategic Alpha Bond Fund.

2012-10-30 The Dangers of Mortgage REITs: Does Doubling the Leverage Make Them a Good Investment? by David Schawel, CFA (Article)

Levered mortgage-backed REITs are dangerous. Many of those who invest in the underlying REITs have little idea what is generating 10%+ yields, nor do they understand what scenarios could lead share prices to drop precipitously. These investors need to recall the lesson we all learned so vividly in 2008 - leverage may increase returns, but it does so by significantly magnifying risk.

2012-10-16 Will Bonds Be Burnt to a Crisp? by David Schawel, CFA (Article)

Bill Gross's recent monthly commentary painted a disturbing picture for investors - he foresees bonds being burnt to a crisp. This isn't just hot air. Such a conflagration is possible, and investors in bond funds, especially those that are constructed similar to the widely followed Barclays bond index, need to heed risks inherent in today''s market.

2012-09-11 Three Bond Funds for Rising or Falling Rates by David Schawel, CFA (Article)

Several actively managed bond funds have achieved significant outperformance relative to their benchmarks despite recent low interest rates. The strategies employed by these funds can and will continue to outperform without needing rates to fall further.


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