No one ever said removing the punch bowl would come without challenges. Aggressively raising interest rates and withdrawing liquidity from the system (QT) made fender benders / financial accidents even more likely. One externality has been volatility, which if embraced properly is not necessarily a bad thing. Going forward, we must navigate the trilemma between growth, inflation and financial stability. We will continue to do so by relying upon top-down analysis, high conviction security selection, dynamic asset allocation and tactical positioning. As always, we will look to exploit the volatility in the marketplace by planning the trade and trading the plan.
Investing has been difficult thus far in 2022. Led by Philip Meier, our Emerging Markets Debt Team examined the current environment and amidst the uncertainty, see opportunities in emerging markets corporate debt. You can read their findings here.
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Our affiliate, Gramercy Ltd., is a limited company organized under the laws of the United Kingdom and registered with U.K. Financial Conduct Authority which has been delegated certain portfolio management services, including but not limited to investment advice and execution of trades. The activities of Gramercy Ltd. provide for the benefit of additional trade coverage and risk management functions.
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