Quarterly Commentary

Q1 Commentary

What Happened To Zeo?

This is not a simple story of too much credit risk, as it might be convenient to conclude from the outside. Rather, there are three parallel stories going on at once. A deeper dive into our performance, as told in these three parts, reveals some confidence-building insights about our portfolio and some interesting observations about the broader markets. As investor panic subsides and underlying issuer fundamentals regain mindshare, we expect to see differentiation between the companies we own and those that are truly at risk in the coming years while the economy attempts to recover from the drastic consequences of the COVID-19 global health crisis. Read more…

Q4 Commentary

Robbing 2020 to Pay 2019: A Reality Check for Fixed Income

Rather than cheer the 2019 gain in fixed income and pat themselves on the back for a job well done, investors should realize that some of what should have been 2020’s performance was pulled back into 2019 in most duration-unconstrained strategies. This has reduced the already small cushion investors have if things don’t go as they expect… and maybe even if they do. Read more…

Q3 Commentary

Apparently, Hope Is A Strategy

Are the investors buying in the current environment truly optimistic about the market’s prospects for gains? It would be easy for us to write about how this behavior makes no sense, but the hard reality for those who see themselves as risk managers is that this makes perfect sense. Read more…

Q2 Commentary

The Intoxicating Rush of a High-Flying Market



If there was ever a sign that the stock market is a measure of so many factors at once that it ends up being a measure of nothing, this would be it. There is a lot of uncertainty, certainly way more than is being priced into the markets. If a rationalizing of the economic outlook and the markets is something one is concerned about, a reset to the downside is easier for us to understand; it makes sense to us to err on the side of caution and protect against just such a correction. Read more…

Quarterly Commentary Archive


Listen to Zeo’s Webinar Replays

(Registration Required)

  • April 15, 2020: Townhall: Credit Questions Answered

  • March 17, 2020: A View From Our Seat: The Covid Crisis and Credit


  • December 12, 2019: A Bull Year in Credit Hides Market Risks


  • June 25, 2019: Issuance, Yield Curves and Credit Risk


Speaking Topics

Venk Reddy is frequently asked to speak at conferences and study groups and Zeo also hosts our own CE webinars. Contact us if you would like to explore potential speaking opportunities.

Current CFP CE Presentations
  • “Mainstreaming ESG: Performance AND Progress for Client Portfolios”
    Do you have clients asking about socially conscious investing? Have you wondered how to align investments with their desires? As in all investing, there are many approaches to building a diversified portfolio of ESG investments for clients: passive, active, growth, value, fundamental, top-down. There are also many managers who shortcut the process or rely heavily on third-party services who attempt to quantify company actions. Come get a brief overview of the landscape of opportunities within ESG and hear firsthand stories of evaluating a company’s commitment to sustainability. Be warned, you might find this just makes good INVESTING sense for all your clients.

  • “State of Fixed Income”
    An overview of current fixed income trends and market observations illustrated through case studies. The conversation addresses issuance data, tactical fund flows, the investment grade and high yield concentrations and yields for applicable spreads. In addition, this session covers the specifics of loan covenants and how certain companies are changing investor protections.

Past CFP CE Presentations
  • Are You Avoiding Duration Pitfalls
  • Behind the Scenes of Short Duration Credit Management
  • Bond Portfolios: Build, Buy or Both?
  • Fixed Income for a Rising Rate Environment
  • Fixed Income Workshop: Building a Portfolio for Rising Rates
  • How to Pick a Bond Fund: Identifying Hidden Costs and Misunderstandings
  • Re-Thinking the Piggy Bank: A Savings Workshop
  • Re-Simplifying Fixed Income

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