Full Discretion

Extra Credit: Spotlight on Full Discretion Engagement

30 June 2024

With respect to Loomis Sayles’ fixed income strategies, our centralized Credit Research Team conducts the majority of the engagements. Additionally, the Full Discretion Team’s dedicated Research Analysts focus on engagements with the companies where we have expressed overweight investment positions or themes. 

Yield Reset Spurs the Return of Multisector Fixed Income

Higher yields have created compelling opportunities across the full universe of fixed income sectors. As a result, we believe investors should rethink their approach to fixed income and broaden their risk factor exposure. 

Bank Loans: Looking Beyond Interest Rate Expectations

Investment Director Cheryl Stober outlines the potential advantages and risks of bank loan investing and the roles that a bank loan allocation can play in a fixed income portfolio. 

Asset TV Fixed Income Masterclass:
FOMO in Credit Markets

How are corporate fundamentals, demand technicals and discount dollar prices playing out in the investment grade bond market? Portfolio Manager Brian Kennedy weighs in.  

Are Conditions Constructive for Credit?

We believe that lower growth and inflation can support credits, but selectivity is key at this phase of the cycle. Learn more from Brian Kennedy, Portfolio Manager and Chris Romanelli, Associate Portfolio Manager and Strategist. 

Bank Loans Outlook: On Firm Footing

Investment Director Cheryl Stober shares her team's expectations for defaults, supply/demand technicals and bank loan return potential in 2024. 

Extra Credit: 'EV’ is the Future, and We Don't Mean Electric Vehicles

20 December 2023

When it comes to portfolio construction, the Full Discretion team has long employed a combination of bottom-up security selection and top-down, macroeconomic analysis. We utilize a credit cycle framework to evaluate the factors driving the cycle, anticipate broad sector mispricings and seek to take advantage of changes in risk premium at every stage. This process helps us identify the risk drivers we want to emphasize, or seek to avoid, in our portfolios and lays the foundation for our overall risk assessment. Enterprise value is the anchor by which we conduct our bottom-up fundamental analysis.

Core Plus Bond Fund & Investment Grade Bond Fund Highlights

The Full Discretion and Relative Return teams both utilize a credit cycle framework and input from Loomis Sayles research analysts, including credit, securitized and macro, to help inform their respective investment decisions; however, their processes are distinct, resulting in differentiated performance objectives and outcomes. 

Rethinking The Fixed Income Playbook For Insurers

The last ten months have shaken the traditional core fixed income playbook. We think it's time to consider a more thoughtful approach to fixed income allocations in insurance portfolios.

In Case You Missed It: A Conversation With Full Discretion's Portfolio Managers

On December 9, 2020, Full Discretion portfolio managers Elaine Stokes, Matt Eagan and Brian Kennedy joined Jim Sia, Head of Relationship Management, for a live call with institutional clients and consultants to discuss Dan Fuss’ step back from portfolio management, the deep investment resources of the Full Discretion team, and the team’s outlook going into 2021. 

Credit Check: The Full Discretion Approach To Credit Selection

Credit markets are frequently moving. During our decades as bond investors, we’ve seen them frozen during times of crisis, frothy when investors have seemed desperate for yield, and everything in between.

Matt Eagan's LinkedIn Articles

Explore the deep-dive articles written by Matt Eagan on LinkedIn.

“Covenant-Lite” Loans:
Credit Quality Is Still the Dominant Factor