Quarterly Commentary

1Q21 Commentary

ESG: A Data-Driven Definition

A company is not creditworthy if it is behaving in a way that is not long-term sustainable for its business. Especially within credit, every company is dependent on its access to capital markets. If a management team puts future capital raising at risk because it behaves irresponsibly and sets the stage for unexpected liabilities down the road, we believe that is likely to be disqualifying behavior. In this way, we don’t view success as a binary battle between “good” vs. “bad.” We define success the same way we always have as fundamental investors – mitigating risk without compromising performance.
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Q1 2021: ESG: A Data-Driven Definition

4Q20 Commentary

Just Because You Can Doesn’t Mean You Should

Everywhere we turn, we seem to be faced with behavior which models: If you can get away with it, you should do it. This amoral acorn doesn’t fall far from the Machiavellian oak tree, which extolls that the ends justify the means. Moreover, we don’t just see this behavior modeled; it seems to be deliberate much of the time. While there are investors who send this “win at all costs” message to their managers intentionally, we believe the conventional wisdoms and traditional methods of asset allocation may be inadvertently and erroneously making this a rule of the markets. The hardest thing for a manager to do in today’s investing environment is to stay disciplined. This discussion is for that subset of investors who care about risk and reward.
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Q4 2020: Just Because You Can Doesn't Mean You Should

3Q20 Commentary

History in the Making

Can we learn from history? Or has the past just set the table for what’s to come? Is the future determined by the past? Or are the two unrelated? We suggest that the answer to all of these questions is yes.
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Q3 2020: History in the Making

2Q20 Commentary

Tailored Brands: A Casualty of Covid

Retail companies don’t usually find themselves in the advantageous liquidity position that Tailored Brands, the largest specialty menswear retailer in the United States, had at the start of 2020. Then COVID-19 changed everything in an instant. What follows is a transparent and open reflection of this specific situation; what we have learned so far; and how we are thinking about and positioning in the current environment.
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Tailored Brands: A Casualty of Covid


Quarterly Commentary Archive



Watch Zeo’s Webinar Replays

(Registration Required)

  • December 8, 2020: Townhall Q&A

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  • April 15, 2020: Townhall: Credit Questions Answered

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

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

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

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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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