“We are at a very late stage in the high-yield rally,” says Michael Kastner, principal at Halyard Asset Management. “But people chasing yields look at how well these bonds did in the last couple of years and assume they can replicate that.” Junk bond investors dig deep for value
“A strong jobs number should see the S&P 500 push through 1,900 as the data will force the doubters off the sidelines and back into stocks,” said Michael Kastner, principal at Halyard Asset Management. “If we get a weaker number the market will reset a little lower and wait for further data.” US equity bulls […]
Corporate Profit Growth Fuels Shareholder Returns through Dividends and Repurchases Share repurchases by S&P 500 companies increased 19% in 2013 – with a total of $129.4 billion executed in the fourth quarter. This was a 1% increase compared to the 3rd quarter and when combined with quarterly dividends, represents the second highest quarter of dollars […]
“We have to see an uptick in economic activity,” says Steven Boyd, principal at Halyard Asset Management, who thinks bond yields are too low. “I think we will see a bounce back in the economy. If we don’t, then the bond market will be proven right.” Neck-and-neck rally for US stocks and bonds
“If we see the economy bounce back and grow near 3 per cent, the S&P can rise further,” said Steven Boyd, principal at Halyard Asset Management. He said the greater use of margin debt was a sign of confidence that the recent soft tone in data are attributable to cold weather and that pent up […]
February 2014 Unlike the wild swings witnessed in January, capital markets were relatively calm in February with the yield of the 10-year and 30-year Treasury securities effectively unchanged for the month. Similarly, equities reversed the selloff suffered in January and early February, ultimately posting a year to date total return of 0.94% through the end […]
January 2014 The capital markets have vacillated wildly during the first six weeks of 2014. Investors dumped equities in January in what appeared to be a calendar-related attempt to lock in the outsized gains of 2013. As the selling swelled, so did the price of U.S. Treasury bonds. For the month, the yield-to-maturity of the […]
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“Stocks have been under pressure this month and there is a feeling that as goes January, so goes the year,” says Michael Kastner, managing principal at Halyard Asset Management. “I think both stocks and bonds are getting it wrong here, yields should be higher and I suspect investors like last year will be rewarded for […]
“It’s a contrarian play out of the gate as the year begins,” said Michael Kastner, managing principal at Halyard Asset Management. “The change in the calendar can be a good time to make portfolio changes.” US investors begin 2014 with contrarian bets