07 Oct 2016 White Paper – The Impact of Equity Market Fragmentation and Dark Pools on Trading and Alpha Generation

Regulatory changes, ever-evolving trading technology and the use of commission sharing arrangements (CSAs) have caused secular changes in the dynamics of both buy-side and sell-side business models and approaches to trading. Fragmentation has also transformed the order size/frequency disparity; the difference between average order size and average trade size has dramatically decreased while the frequency of trades has skyrocketed, resulting in a much more dynamic intraday size/volume profile with potential for greater velocity in pricing and thus market impact. In evaluating active equity managers, investors should consider their awareness and management of the forces at play in equity trading today, especially their understanding of market structure.
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23 Sep 2016 Market Insight – ‘Impact of the Credit Cycle on Security Selection’

Many credit strategists have expressed frustration at the persistent steepness of investment grade credit curves in this cycle, but steep credit curves are a reflection of a constructive credit risk-taking environment. Having a constructive view on the market and a view that credit curves should flatten is a somewhat inconsistent stance.
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22 Sep 2016 Fixed Income Perspectives – ‘All Eyes on the Fed: To Hike or Not to Hike…Is that Really the Question’

At the September FOMC meeting, all eyes were once again on the Federal Reserve. The Fed’s announcement to keep rates unchanged, while retaining a bias to hike rates later on in the year, is likely the one that will grab headlines. But is it the most important thing investors need to focus on? We believe it’s not. In our view, the bigger news came in late August at the Fed’s Jackson Hole summit.
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