- Fixed Income Portfolio Manager, Credit
Hong Kong (香港), Individual
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In the first of a short video series, Fixed Income Portfolio Manager Connor Fitzgerald takes a look at what's current in credit. Given rather tight credit spread valuations, what is Connor's outlook for the next twelve months and where are the opportunities and risks now?
Credit spread valuations remain tight. While Connor still sees opportunity, especially within specific sectors and companies, he believes it makes sense to take less credit risk in this environment, focusing more on investment-grade credit rather than high yield.
Meanwhile, the economy is showing some signs of weakness, increasing the risk of a recession over the next twelve months, but, then again, could data continue to defy expectations?
In an environment of heightened geopolitical and political uncertainty, market volatility is likely. Investors could benefit, provided they are positioned to take advantage, and Connor will be paying particular attention to the trajectory of US deficit spending. Looking ahead, Connor also sees increased demand for power and the need to upgrade infrastructure as driving a potential structural growth story, which could create opportunities within the utilities and energy sectors.
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