--- title: Loomis Sayles Full Discretion description: SAIFgx4ia7ew --- [Skip to content](https://info.loomissayles.com/full-discretion#main-content) [![loomis sayles logo](https://info.loomissayles.com/hs-fs/hubfs/logo2_blog-1.png?width=227&height=56&name=logo2_blog-1.png)](https://www.loomissayles.com) - [Full Discretion](https://info.loomissayles.com/full-discretion) Show submenu for Full Discretion - [Quarterly Credit Update](https://info.loomissayles.com/full-discretion#quarterly) - [Extra Credit](https://info.loomissayles.com/full-discretion-extra-credit) - [Loomis On Loans](https://info.loomissayles.com/full-discretion#LOL) - [Product Offerings](https://info.loomissayles.com/full-discretion-funds) - [Meet the team](https://info.loomissayles.com/full-discretion-team) - [Insights](https://info.loomissayles.com/full-discretion#insights) Open main navigation Close main navigation - [Full Discretion](https://info.loomissayles.com/full-discretion) Show submenu for Full Discretion - [Quarterly Credit Update](https://info.loomissayles.com/full-discretion#quarterly) - [Extra Credit](https://info.loomissayles.com/full-discretion-extra-credit) - [Loomis On Loans](https://info.loomissayles.com/full-discretion#LOL) - [Product Offerings](https://info.loomissayles.com/full-discretion-funds) - [Meet the team](https://info.loomissayles.com/full-discretion-team) - [Insights](https://info.loomissayles.com/full-discretion#insights) **Loomis, Sayles & Company** # Full Discretion **We are high-conviction**, active credit investors focused on results for our clients. ## Our Philosophy We have a legacy of independent thinking and leaning into the market when others may be pulling away. We take a deep-value, equity-like approach to credit selection across global fixed income markets. Our disciplined process helps gives us confidence in seeking to identify macro trends, formulate a clear view on market sectors, and invest throughout the credit cycle. For more than 40 years, we have been applying our distinctive style of bond picking to deliver portfolios designed to provide excess yield potential and have low correlations to traditional benchmark-focused fixed income strategies.   ![shutterstock\_2150529565](https://info.loomissayles.com/hs-fs/hubfs/shutterstock_2150529565.jpeg?width=2000&height=1047&name=shutterstock_2150529565.jpeg "shutterstock_2150529565") NOVEMBER 1, 2025 ## Extra Credit When it comes to assessing value across various fixed income credit markets, we believe the big picture is essential. For the Full Discretion team, the big picture means analyzing where we are in the credit cycle and calculating the current risk premium, defined as a market’s option-adjusted spread (OAS) less our estimated one-year-forward losses from downgrades and defaults. [Read More](https://info.loomissayles.com/full-discretion-extra-credit) THIRD quarter 2025 ## Loomis Sayles Strategic Alpha: A Low Volatility Multisector  Approach We believe a flexible, benchmark-agnostic fixed income strategy targeting 4-6% volatility can offer investors the ability to seek strong risk-adjusted returns, diversification benefits and a steady income stream. [Read More](https://info.loomissayles.com/hubfs/LS%20Strategic%20Alpha%20-%20A%20Low%20Volatility%20Multisector%20Approach%20%203Q25_FINAL.pdf) ![shutterstock\_2253542601](https://info.loomissayles.com/hs-fs/hubfs/shutterstock_2253542601.jpeg?width=2000&height=1047&name=shutterstock_2253542601.jpeg "shutterstock_2253542601") ![shutterstock\_2092001161](https://info.loomissayles.com/hs-fs/hubfs/shutterstock_2092001161.jpeg?width=2000&height=1047&name=shutterstock_2092001161.jpeg "shutterstock_2092001161") THIRD QUARTER 2025 ## Loomis Sayles Core Plus Full Discretion: A Differentiated Approach After an extended period of low interest rates, the yield reset in 2022 has investors re-thinking their approach to “core” fixed income strategies, in our view. [Read More](https://info.loomissayles.com/hubfs/LS%20Core%20Plus%20Full%20Discretion%20-%20A%20Differentiated%20Approach%20%203Q25_FINAL.pdf) THIRD qUARTER 2025 ## Quarterly Credit Update We believe the US economy continues to be in the late cycle phase of the credit cycle. Growth appeared to be marginally improving in the US. We do not anticipate a recession at this time, rather, our base case calls for trend-like growth. ![shutterstock\_2155220115](https://info.loomissayles.com/hs-fs/hubfs/shutterstock_2155220115.jpg?width=2000&height=866&name=shutterstock_2155220115.jpg "shutterstock_2155220115") [Read More](https://info.loomissayles.com/hubfs/FD%20Quarterly%20Credit%20Update_3Q25%20FINAL.pdf) **product offerings** ## Full Discretion Team Range of Institutional Strategies and Mutual Funds The Loomis Sayles Full Discretion team were among those who pioneered multisector investing with a long-term, flexible, benchmark-agnostic approach. The team manages a range of institutional strategies and mutual funds to help meet different investor needs. [Explore the products](https://info.loomissayles.com/full-discretion-funds) ![Line work for web-square-01](https://info.loomissayles.com/hubfs/Line%20work%20for%20web-square-01.png) ## Team Insights Explore the recent publications from the Full Discretion team.    ![1antonio-gimenez-RRyDS0Rke2M-unsplash (1)](https://info.loomissayles.com/hs-fs/hubfs/1antonio-gimenez-RRyDS0Rke2M-unsplash%20(1).jpeg?width=2000&name=1antonio-gimenez-RRyDS0Rke2M-unsplash%20(1).jpeg) ### Extra Credit: Moody’s Downgrade, Potential Tax Cuts Keep Spotlight on the US Fiscal Deficit *28 May 2025* We believe Moody's decision to downgrade the US credit rating will not, by itself, have a meaningful impact on the US Treasury market in the short term. The US holds a unique position among countries given the reserve currency status of the US dollar (USD) coupled with the breadth and depth of the Treasury market. [Read More](https://info.loomissayles.com/hubfs/FullDiscretionExtraCredit5.28.2025.pdf) ![1ishan-seefromthesky-8qEuawM\_txg-unsplash](https://info.loomissayles.com/hs-fs/hubfs/1ishan-seefromthesky-8qEuawM_txg-unsplash.jpeg?width=2000&name=1ishan-seefromthesky-8qEuawM_txg-unsplash.jpeg) ### Core Plus Fixed Income & Core Plus Full Discretion Strategy Highlights The Relative Return and Full Discretion 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.  [Read More](https://info.loomissayles.com/hubfs/FD%20%26%20RR%20Highlights%2012.31.2024_composite%20FINAL.pdf) ![CreditCheckThumbnail](https://info.loomissayles.com/hubfs/CreditCheckThumbnail.jpeg) ### 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. [Read more](https://info.loomissayles.com/credit-check-the-full-discretion-approach-to-credit-selection?hsCtaTracking=de3f2af2-8fa7-4abf-bafe-82b3d91742f3%7C91440a02-c607-4794-bb35-3202e2480eb0) ![LS Capital Re3](https://info.loomissayles.com/hs-fs/hubfs/LS%20Capital%20Re3.jpeg?width=2000&name=LS%20Capital%20Re3.jpeg) ### Liability Management Exercises: Looking Beyond the Headlines The increasing complexity and volume of liability management exercises in today’s market present both challenges and opportunities. Portfolio Manager Peter Sheehan breaks down some key considerations for investors.  [Read More](https://blog.loomissayles.com/liability-management-exercises-looking-beyond-the-headlines) ![1antonio-gimenez-RRyDS0Rke2M-unsplash (1)](https://info.loomissayles.com/hs-fs/hubfs/1antonio-gimenez-RRyDS0Rke2M-unsplash%20(1).jpeg?width=2000&name=1antonio-gimenez-RRyDS0Rke2M-unsplash%20(1).jpeg) ### Extra Credit: 'EV’ is the Future, and We Don't Mean Electric Vehicles *31 December 2024* 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. [Read More](https://info.loomissayles.com/hubfs/Full%20Discretion%20Extra%20Credit%20-%2012.31.2024%20FINAL_Revised.pdf) ![Q3-DiversifiedCredit\_Thumbnail-1](https://info.loomissayles.com/hs-fs/hubfs/Q3-DiversifiedCredit_Thumbnail-1.png?width=1280&height=671&name=Q3-DiversifiedCredit_Thumbnail-1.png) ### What are Innovative Ways to Approach Diversified Credit? Portfolio Manager Brian Kennedy discusses the broad palette of opportunities available to credit investors.  [Watch](https://youtu.be/tZDU6Hasg74) ![Q4-SecuritizedAssets\_Thumbnail-1](https://info.loomissayles.com/hs-fs/hubfs/Q4-SecuritizedAssets_Thumbnail-1.png?width=1280&height=671&name=Q4-SecuritizedAssets_Thumbnail-1.png) ### Are Securitized Assets Playing a Bigger Role in Asset Allocation? Portfolio Manager Brian Kennedy shares why he thinks the expansion of securitized assets can add diversification and opportunity.   [Watch](https://youtu.be/bM3LxzNHPc8) ![SurprisesFromTheFirstHalf2024\_Thumbnail-1-1](https://info.loomissayles.com/hs-fs/hubfs/SurprisesFromTheFirstHalf2024_Thumbnail-1-1.png?width=1280&height=671&name=SurprisesFromTheFirstHalf2024_Thumbnail-1-1.png) ### Surprises from the First Half of 2024 Several of our fixed income portfolio managers share unexpected developments that have shaped their view of the credit markets.  [Watch](https://youtu.be/lBYs4p4Q1Ow) ![FourSignals\_Thumbnail-1-1](https://info.loomissayles.com/hs-fs/hubfs/FourSignals_Thumbnail-1-1.png?width=1278&height=670&name=FourSignals_Thumbnail-1-1.png) ### Four Signals on Our Radar Our investors are watching how monetary policy, consumer health, earnings and profits will come together to drive the cycle and asset markets.  [Watch](https://youtu.be/OpT2dXDsAAM) ![MarketMispricing\_Thumbnail-1-1](https://info.loomissayles.com/hs-fs/hubfs/MarketMispricing_Thumbnail-1-1.png?width=1280&height=671&name=MarketMispricing_Thumbnail-1-1.png) ### What is the Market Mispricing? Markets sometimes move away from fundamentals. Our investors key in on areas that may be overemphasized or underappreciated.  [Watch](https://youtu.be/ycBtm7tYB_M) ![Shutterstock\_1535552954](https://info.loomissayles.com/hs-fs/hubfs/Shutterstock_1535552954.jpeg?width=2000&name=Shutterstock_1535552954.jpeg) ### 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.  [Read More](https://info.loomissayles.com/bank-loans-looking-beyond-interest-rate-expectations) ![kennnedy-vid2-optionA-1](https://info.loomissayles.com/hs-fs/hubfs/kennnedy-vid2-optionA-1.png?width=1280&height=671&name=kennnedy-vid2-optionA-1.png) ### 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.   [Watch](https://youtu.be/aLGDJCywN3o) ![david-dvoracek-vLjATQhObLY-unsplash-2](https://info.loomissayles.com/hs-fs/hubfs/david-dvoracek-vLjATQhObLY-unsplash-2.jpeg?width=2000&name=david-dvoracek-vLjATQhObLY-unsplash-2.jpeg) ### 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.  [Read More](https://blog.loomissayles.com/bank-loans-outlook-on-firm-footing) ![ivan-bandura-EYrf29BsuFA-unsplash\_JMcrop-1](https://info.loomissayles.com/hubfs/ivan-bandura-EYrf29BsuFA-unsplash_JMcrop-1.jpeg) ### 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. [Read more](https://info.loomissayles.com/rethinking-the-fixed-income-playbook-for-insurers) ![aviv-ben-or-4HuzkCaB92s-unsplash](https://info.loomissayles.com/hubfs/aviv-ben-or-4HuzkCaB92s-unsplash.jpeg) ### 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.  [Read more](https://info.loomissayles.com/in-case-you-missed-it-a-conversation-with-full-discretions-portfolio-managers) ![mingwei-dong-irA2xa68xNA-unsplash](https://info.loomissayles.com/hubfs/mingwei-dong-irA2xa68xNA-unsplash.jpeg) ### Matt Eagan's LinkedIn Articles Explore the deep-dive articles written by Matt Eagan on LinkedIn. [Read more](https://www.linkedin.com/in/matt-eagan/detail/recent-activity/posts/) ![1matt-wang-Z9NyRzMxicU-unsplash](https://info.loomissayles.com/hs-fs/hubfs/1matt-wang-Z9NyRzMxicU-unsplash.jpeg?width=2000&name=1matt-wang-Z9NyRzMxicU-unsplash.jpeg) ### “Covenant-Lite” Loans: Credit Quality Is Still the Dominant Factor The Bank Loans Team is often asked about covenant-lite loans. The team shares their views on what they are and are not. [Read more](https://info.loomissayles.com/hubfs/2018%20Covenant-Lite%20Loans_%20Credit%20Quality%20Is%20Still%20the%20Dominant%20Factor.pdf) **MEET THE TEAM** ## Explore More of the Full Discretion Team Members. Meet the 28 investment professionals whose experience and expertise help drive alpha across Full Discretion strategies. [Meet the full team](https://info.loomissayles.com/full-discretion-team) ![Line work for web-square-01](https://info.loomissayles.com/hubfs/Line%20work%20for%20web-square-01.png) > ### Call it art or call it a philosophy; we consider it to be both. Fundamental research is the cornerstone of everything we do and believe in. > > > > ![MattEagan-2](https://info.loomissayles.com/hs-fs/hubfs/MattEagan-2.jpg?width=360&height=504&name=MattEagan-2.jpg) > > **Matt Eagan** > Head of the Full Discretion Team and Portfolio Manager **Questions for the team?** ## Let's Connect. ### David Zielinski, CFA Investment Director ### Cheryl Stober Investment Director ### Kristen Doyle Associate Investment Director [Email](mailto:dZielinski@loomissayles.com) [Email](mailto:cstober@loomissayles.com) [Email](mailto:kdoyle@loomissayles.com) **Recent Blog Posts fROM LOOMIS SAYLES** ## LandScape [![](https://info.loomissayles.com/hs-fs/hubfs/Evolving%20Influences%20Driving%20EM%20Investment%20and%20Capital%20Inflows.png?height=200&name=Evolving%20Influences%20Driving%20EM%20Investment%20and%20Capital%20Inflows.png)](https://blog.loomissayles.com/emerging-markets-golden-era-underpins-growth-story) [Emerging Markets](https://blog.loomissayles.com/topic/emerging-markets) ### [Emerging Markets “Golden Era” Underpins Growth Story](https://blog.loomissayles.com/emerging-markets-golden-era-underpins-growth-story) [The Loomis Sayles Emerging Market Debt Team](https://blog.loomissayles.com/author/the-loomis-sayles-emerging-market-debt-team) [Read more](https://blog.loomissayles.com/emerging-markets-golden-era-underpins-growth-story) [![](https://info.loomissayles.com/hs-fs/hubfs/Chart%20-%20European%20Banksv2.png?height=200&name=Chart%20-%20European%20Banksv2.png)](https://blog.loomissayles.com/weighing-the-ingredients-that-matter-for-global-bank-credit-spreads) ### [Weighing the Ingredients that Matter for Global Bank Credit Spreads](https://blog.loomissayles.com/weighing-the-ingredients-that-matter-for-global-bank-credit-spreads) [Greg Schantz, CFA, Senior Credit Research Analyst](https://blog.loomissayles.com/author/greg-schantz-cfa-senior-credit-research-analyst) [Read more](https://blog.loomissayles.com/weighing-the-ingredients-that-matter-for-global-bank-credit-spreads) [![](https://info.loomissayles.com/hs-fs/hubfs/Birth%20Rate%20and%20Marriages%20in%20China.png?height=200&name=Birth%20Rate%20and%20Marriages%20in%20China.png)](https://blog.loomissayles.com/trade-war-2.0-is-not-likely-to-rebalance-us-china-trade) [Macro Strategies](https://blog.loomissayles.com/topic/macro-strategies) ### [Trade War 2.0 is Not Likely to Rebalance US-China Trade](https://blog.loomissayles.com/trade-war-2.0-is-not-likely-to-rebalance-us-china-trade) [The Loomis Sayles Macro Strategies Team](https://blog.loomissayles.com/author/the-loomis-sayles-macro-strategies-group) [Read more](https://blog.loomissayles.com/trade-war-2.0-is-not-likely-to-rebalance-us-china-trade) [Visit our blog](https://blog.loomissayles.com/) ### Disclosure Any opinions or forecasts contained herein reflect the current subjective judgments and assumptions of the Full Discretion Team only, and do not necessarily reflect the views of Loomis, Sayles & Company, L.P. This information is subject to change at any time without notice. Commodity, interest and derivative trading involves substantial risk of loss. Diversification does not ensure a profit or guarantee against a loss. Market conditions are extremely fluid and change frequently. Any investment that has the possibility for profits also has the possibility of losses, including the loss of principal. **Performance data shown represents past performance and is no guarantee of future results.**  SAIFgx4ia7ew NIM-01172025-rvpcazrz [![Loomis Sayles](https://info.loomissayles.com/hs-fs/hubfs/logo.png?width=300&height=78&name=logo.png "Loomis Sayles")](https://www.loomissayles.com/) [![Insights](https://info.loomissayles.com/hubfs/blog.svg "Blog")](https://www.loomissayles.com/insights/)  [![Loomis Sayles on X](https://info.loomissayles.com/hubfs/twitter.svg "Twitter")](https://x.com/LoomisSayles)  [![Loomis Sayles on Instagram](https://info.loomissayles.com/hubfs/instagram.svg "Instagram")](https://instagram.com/loomissayles)   [![Loomis Sayles on LinkedIn](https://info.loomissayles.com/hubfs/linkedin.svg "LinkedIn")](https://www.linkedin.com/company/loomis-sayles-%26-company/?viewAsMember=true)  [![Loomis Sayles on YouTube](https://info.loomissayles.com/hubfs/youtubev3.svg "YouTube")](https://www.youtube.com/c/LoomisSaylesCompany) Loomis, Sayles & Company, L.P. | One Financial Center, Boston, MA 02111 | 800.343.2029 [Privacy Policy](https://www.loomissayles.com/privacy-policy/) | [Cookie Policy](https://www.loomissayles.com/cookies-policy/) | [Important Information](https://www.loomissayles.com/important-information/)