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Andrzej Skiba, Head of US Fixed Income, Senior Portfolio Manager, shares his thoughts on 2023 and the year ahead:
- With Fed rate cuts on the horizon, we believe 2024 is likely to deliver strong total returns for IG corporate credit investors.
- Helped by significant carry support, we see double-digit returns as a distinct possibility.
- Corporates are in a strong shape to weather any economic slowdown and we expect US issuers to show particular resilience given underlying earnings trends.
- While generic spreads do not leave a lot of room to run, we see multiple pockets of value across our investment universe, highlighting the importance of active credit selection ahead.
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