Generic credit spreads are tight and generally credit markets (like most others) are priced to perfection. That is not to say that there are no pockets of value left, but like watering holes on the African savanna during a hot summer, it is getting harder and harder to find them as relative value continues to evaporate. Given our view that credit fundamentals are robust (and improving), technicals are strong, but valuations are stretched and relative value is becoming more challenging to find, this is a time to sweat assets harder. So given the above backdrop, what strategies have we employed to ensure ongoing appeal and added value to our portfolios?
Kapstream Portfolio Manager, Daniel Siluk sits down with the AFR to discuss the government’s deficit financing task, his time in the US working alongside Bill Gross and the risks posed by the US election.
Recently retired co-founder Kumar Palghat made his money as a star fund manager, first at PIMCO and then at Kapstream. Nearly a year after announcing his retirement, he’s turning his investment prowess towards managing his family’s money.
For the third consecutive year Kapstream Capital is delighted to be awarded Australian Credit Fund Manager of the Year in the annual KangaNews Awards. The award is based on the votes of market participants through a thorough and intensive polling of those involved in the Australian and New Zealand debt markets.
Kapstream became one of the first to launch an active fixed income ETF on the 15th October 2019. Listed as ‘XKAP’ and forming part of the ActiveX ETF range offered by partners Fidante, it makes the flagship ‘Kapstream Absolute Return Income Fund’ available for the first time within a listed vehicle. A short video featuring senior portfolio manager Dan Siluk introducing the ETF can be viewed by clicking on the title link above, and the associated media release can be viewed here. For more detail about the listed ActiveX Kapstream Absolute Return Income Fund (Managed Fund), please click here.
In collaboration with Fidante (as Responsible Entity), Kapstream recently completed a review of the fees charged to retail investors in the Kapstream Absolute Return Income Fund, determining to reduce the fee from 0.70% to 0.55% with effect from 1st October 2019. The formal disclosure notice can be found here, with a short article also appearing in the Financial Standard here.
Kapstream is honoured to be voted Australian Credit Fund Manager of the Year by KangaNews, for the second year running. The award is based on the votes of market participants through a thorough and intensive polling of those involved in the Australian and New Zealand debt markets. “To be recognised by industry peers, investors and partners in credit markets for a second year running is a great privilege and acknowledges our framework of active management through credit macro positioning, relative value trading and fundamental analysis”.
Kapstream Capital welcomed a new credit analyst this week and announced internal promotions for three of its investment team members.
Kapstream is honoured to be voted Australian Credit Fund Manager of the Year by KangaNews, which since their inception in 2007 remain entirely based on the votes of market participants through a thorough and intensive polling of those involved in the Australian and New Zealand debt markets. “As one of the most active fixed income managers in Australia, Kapstream has earned its place as one of the most reputable participants in domestic credit markets, and to be recognised for this by our industry peers and partners is a great privilege”.
Kumar Palghat outlines the key themes and decisions investors face in thinking about fixed income portfolios.
In celebration of the successful November 2016 launch of the Janus Henderson Short Duration Income ETF (NYSE: VNLA, managed under the Kapstream/Janus Henderson Global Macro Fixed Income flagship ‘cash plus 2-3%’ strategy), Nick Maroutsos and Dan Siluk were invited to ring the opening bell at the NYSE on Tuesday 10th October.
, Kapstream 2016 Adviser Roadshow
Kumar Palghat discusses the mindset of the Kapstream team in constructing the portfolio.
Steve Goldman and James Bloom from Kapstream penned an article for Switzer around the long term effects of prolonged low interest rates. Click on the link to find out more.