Public credit spreads continue to tighten

https://www.apolloacademy.com/wp-content/uploads/2024/11/111224_Charts.pdf

HY index duration continues to decline

https://www.apolloacademy.com/wp-content/uploads/2024/11/111324-Charts.pdf

Market forecasts are almost always wrong about the future path of the Fed funds rate

https://www.apolloacademy.com/wp-content/uploads/2024/11/111024-Chart-1.pdf

10-year Treasury term premium rising

https://www.apolloacademy.com/wp-content/uploads/2024/10/103024-chart_v4.pdf

The number of funded TreasuryDirect accounts moved up when the Fed started raising interest rates

https://www.apolloacademy.com/wp-content/uploads/2024/10/102724-Chart.pdf

Nonfinancial corporate business net interest payments near record low levels

https://www.apolloacademy.com/wp-content/uploads/2024/10/102324-Chart.pdf

Private credit share of US corporate debt outstanding

https://www.apolloacademy.com/wp-content/uploads/2024/10/102224-Chart.pdf

Global high yield market composition by currency

https://media.licdn.com/dms/document/media/D4E10AQHdWKeYZkIM_Q/ads-document-pdf-analyzed/0/1729055525109?e=1730332800&v=beta&t=mDcMXZo-R31WofcrVdZvQJx3ufEYIFI4y8T26IghngI

Russell 2000 more vulnerable when rates stay higher for longer

https://www.apolloacademy.com/wp-content/uploads/2024/10/102124-Chart_v2.pdf

Foreigners hold a significant amount of US stocks and fixed income

https://www.apolloacademy.com/wp-content/uploads/2024/10/101724-Chart_v3.pdf

Bank lending share of total nonfinancial corporate debt

https://www.apolloacademy.com/wp-content/uploads/2024/09/092224-Chart-1.pdf

Asset-class performance

https://www.dws.com/AssetDownload/Index?assetGuid=c9b118bf-aac0-48f3-9d0e-80836a7ff594&consumer=E-Library

Foreign net purchases of US credit at record high levels

https://www.apolloacademy.com/wp-content/uploads/2024/09/091324_Chart.pdf

Key Themes for September

https://www.morganstanley.com/im/publication/insights/articles/article_thebeatsept2024.pdf

US Fixed Income: Healthy demand across asset classes

https://www.citigold.citibank.com.hk/global_docs/mobile/investment/pdf/invest_insight_e.pdf

Yield alternatives

https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-alternatives/mi-guide-to-alternatives.pdf

Earnings/coupon yield and the 60/40

https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-alternatives/mi-guide-to-alternatives.pdf

At current yield levels we believe that selective government bonds are attractively priced

https://www.wtwco.com/-/media/wtw/insights/2024/08/global-markets-overview-august-2024.pdf

Central banks buying more gold

https://www.apolloacademy.com/wp-content/uploads/2024/08/081524_ChartsV3.pdf

10-year bond auction tail

https://www.apolloacademy.com/wp-content/uploads/2024/08/081224_Chart-1.pdf

Default rates declining

https://www.apolloacademy.com/wp-content/uploads/2024/08/080624-Chart.pdf

At current yield levels we believe that selective government bonds are attractively priced

https://www.wtwco.com/-/media/wtw/insights/2024/07/global-markets-overview-july-2024.pdf?modified=20240716152914

High yield is not that scary

https://www.bnymellonim.com/content/dam/ukadviser/pdf/presentation-bnym-uk-investment-conference-cathy-braganza.pdf

Moving Back to an Overweight on High Yield Bonds

https://www.morganstanley.com/im/publication/insights/articles/article_thebeatjuly2024.pdf

Public IG market has grown from $3 trillion in 2010 to $9 trillion today

https://www.apolloacademy.com/wp-content/uploads/2024/07/070224_Charts.pdf

Global private markets AUM totaled $13.1 trillion in 2023

https://inbest.cl/chileday_ny_toronto_2024/en/ppt/ChileDay%20-%20Private%20Market_Trends.pdf

Global Fixed Income

https://www.morganstanley.com/im/publication/insights/articles/article_thebeatjune2024.pdf?1717738440940

IG yield has been 5.5% for the past 12 months and HY yield has been 8%

https://www.apolloacademy.com/wp-content/uploads/2024/06/060524-Chart.pdf

Standard Bond Emission Framework

https://www2.deloitte.com/content/dam/Deloitte/fr/Documents/services-financiers/publications/deloitte_dlt-capital-markets-24.pdf

There is a record-high $6 trillion on the sidelines in money market funds

https://www.apolloacademy.com/wp-content/uploads/2024/05/053124-Chart.pdf

At current yield levels we believe that selective government bonds are attractively priced

https://www.wtwco.com/-/media/wtw/insights/2024/05/global-markets-overview-may-2024.pdf?modified=20240514152900

Foreigners have been buying more US credit after the Fed started lifting yield levels

https://www.apolloacademy.com/wp-content/uploads/2024/05/052624-Chart.pdf

Facts about public markets and private markets

https://www.apolloacademy.com/wp-content/uploads/2024/05/PublicMarketsAreASmallPartOfTheEconomy-051924_v2.pdf

75% of corporate lending comes from IG and bank lending

https://www.apolloacademy.com/wp-content/uploads/2024/05/051124-Chart.pdf

Asset Class Valuation Summary

https://nshe.nevada.edu/wp-content/uploads/file/BoardOfRegents/Agendas/2024/03-mar-mtgs/supp-mat/INV4sm.pdf

Dividend recaps coming back after the December Fed pivot

https://www.apolloacademy.com/wp-content/uploads/2024/05/050824-Chart.pdf

Market forecasts are almost always wrong about the future path of the Fed funds rate

https://www.apolloacademy.com/wp-content/uploads/2024/05/050724-Charts.pdf

Example Weekly Data Screen

https://cefadvisors.com/Download/CEFA-Pitchbook.pdf

Current Forecasts No Consensus

https://ca.rbcwealthmanagement.com/documents/169408/4138192/2024+Presentation.pdf/337ce74e-9adc-4883-a40c-4f412b082d61

Switzerland, Japan, Korea, and US have high domestic ownership of government bonds

https://www.apolloacademy.com/wp-content/uploads/2024/04/041424-Chart_v2.pdf

S&P 500 Price Appreciation and Dividends

https://www.dawsonwealth.com/files/1732/Capital%20Markets%20Review%20-%20April%202024%20%28Raymond%20James%20PowerPoint%29.pdf

US Yield-to-Worst

https://www.dawsonwealth.com/files/1732/Capital%20Markets%20Review%20-%20April%202024%20%28Raymond%20James%20PowerPoint%29.pdf

37% of fixed income funds are passive

https://apolloacademy.com/wp-content/uploads/2024/02/020424-Charts.pdf

Loans priced at par and above, by rating

https://apolloacademy.com/wp-content/uploads/2024/01/011724-Chart.pdf

2024 US Default Risk Landscape

https://www.creditbenchmark.com/wp-content/uploads/2024/01/2024-Default-Risk-Outlook-US-Industries-23Jan2024.pdf

U.S. Tech Sector Market Cap Relative to the Overall Market

https://www.visualcapitalist.com/wp-content/uploads/2024/01/GF24_Final-Export-01.pdf

S&P 500 is very expensive compared to international stocks

https://apolloacademy.com/wp-content/uploads/2024/01/011524-Chart.pdf

There is a record-high $6 trillion on the sidelines in money market funds

https://apolloacademy.com/wp-content/uploads/2024/01/011424-Chart.pdf

72% of stocks in S&P 500 have underperformed the index this year

https://apolloacademy.com/wp-content/uploads/2023/12/December262023-Chartv2.pdf

China is selling Treasuries and buying fewer mortgages and fewer non-US bonds

https://apolloacademy.com/wp-content/uploads/2023/12/China_Outlook_Dec_2023.pdf