Insight Type: Market commentary

  • A High Yield Primer for Volatile Times

    With volatility elevated in early 2026, we wanted to take a closer look at the U.S. high yield market to assess how issuers and investors are positioning, what current pricing and flows are signaling, and what this implies for credit conditions over the coming months.

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  • Private Credit: 750,000 Pages of Unread Documents

    Due to the complexity of the private credit industry, this weekly piece is divided into two sections. Part I provides an overview of the current private credit market landscape, while Part II examines the impact of private credit on the technology and software industries, as well as its potential implications for the broader market.

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  • Industrial Pressure

    Following this morning’s ruling by the Supreme Court of the United States, which struck down the tariff framework promoted by Donald Trump, the decision reinforces how political volatility is likely to remain a key driver for industrial materials. Nevertheless, we maintain our views on aluminum, silver, and copper as outlined in the analysis below, as structural supply-demand dynamics continue to be the main drivers over the medium to long term.
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  • Are Equity Markets Playing Hot Potato? Decoding the Recent Erratic Behavior in Technology Stocks

    Technology stocks have surged since the AI boom, pushing valuations and earnings expectations to elevated levels and leaving little room for disappointment. Recent volatility has punished many software names on fears that AI will disrupt their business models, while hardware and semiconductor stocks have rallied sharply — creating a performance gap that may prove unsustainable over time.
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  • Latam Keeps Shining – Despite Itself

    América Latina inicia 2026 con un renovado interés de los inversionistas, respaldado por un giro político hacia la derecha, datos macroeconómicos resilientes y mayor credibilidad en la política monetaria, impulsando una reevaluación del potencial de la región entre distintas clases de activos.

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  • Latam Keeps Shining – Despite Itself

    Latin America enters 2026 with renewed investor interest, supported by a right-leaning political shift, resilient macro data and monetary credibility, prompting a reassessment of the region’s opportunity set across asset classes. In this Market Commentary, we revisit Latin America – a region that may be regaining its shine – to evaluate how best to position for the year ahead.
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  • Not all that glitters is gold (in the markets)

    A few weeks ago, we met with the manager of an International Small Cap Value Fund who highlighted a Japanese company that digitalizes accounting documents for small and medium-sized enterprises in Japan. After seeing his thorough due diligence – visiting the company, meeting its management team, and running multiple valuation analyses – a natural question remained: is he seeing something we are not, and does all this effort truly make it a good investment, given that portfolios cannot be built on good intentions alone?
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  • Argentina: ¿Un futuro más prometedor en el horizonte? Ahora que se ha disipado la incertidumbre en torno a las elecciones legislativas en Argentina, donde La Libertad Avanza (LLA) sorprendió a los mercados, analistas y encuestas al lograr una victoria aplastante, queremos realizar un análisis prospectivo para evaluar las implicaciones reales de ese triunfo sobre los activos financieros y cuáles son las tareas más urgentes del presidente Milei para la segunda mitad de su mandato.
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  • Argentina: A Brighter Future Ahead? Now that the dust has settled around the Argentinian mid-term elections, where La Libertad Avanza – LLA – surprised markets, pundits, and polls alike by achieving a landslide victory, we wanted to perform a forward-looking analysis where we can assess the real implications of that victory for financial assets, and what are President Milei’s most pressing tasks for the second half of his administration.
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  • Our Thoughts on Global Equity Markets for 2026: Part Two – International Equities: “Skate to Where the Puck is Going to Be, Not Where it Has Been” – Wayne Gretzky As global equity markets look ahead to 2026, shifting dynamics beyond the United States are becoming increasingly relevant. With currency trends, valuation differentials, and earnings expectations evolving across regions, international equities may offer meaningful opportunities for investors willing to look forward rather than backward. In this context, anticipating where future growth may emerge—rather than relying on past leadership—becomes central to navigating a more globally balanced investment landscape.
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  • Our Thoughts on Global Equity Markets for 2026: Part One – U.S. Equities: Balance Will Be Key U.S. equity markets enter 2026 following a strong performance led by large-cap technology, while signs of broader participation are beginning to emerge. As earnings growth becomes less concentrated and market breadth gradually expands, balance across sectors and market capitalizations is expected to play a central role in navigating opportunities and risks in the year ahead.
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  • Chile: A Latin American Nonconformity Story Latin America is showing that political nonconformity has become the region’s strongest electoral force. Chile has joined this trend during the current election cycle, reinforcing a broader pattern of voter rejection toward traditional political structures. Against this backdrop, the evolving political landscape presents meaningful implications for markets, with potential impacts across foreign exchange, sovereign bonds, and equities, in a country navigating increased institutional stability and shifting economic expectations.
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