The picture in emerging markets is vastly different today than in the mid- to late-1990s, when nearly all EM countries issued debt in U.S. dollars.
When an asset price collapses, the pain is quick and concentrated, but the benefits tend to be more widely dispersed.
Aaron M. Cooper D. William Kohli Norman P. Boucher, Portfolio Manager, and Paul D. Scanlon, CFA Joshua M. Cummings, CFA, Analyst | Christopher J. Eitzmann, Analyst | Greg Kelly, Analyst Simon Davis and Shep Perkins, CFA Daniel Farrell David L. Glancy Daniel J. Graña Darren A. Jaroch David Morgan Robert D. Ewing, CFA, and Nick C. Thakore Robert D. Ewing, D. William Kohli Putnam Fixed Income Team Ferat Ongoren Gerard P. Sullivan Jason R. Vaillancourt, CFA Jacquelyne J. Cavanaugh Joanne M. Driscoll Onsel Emre, Ph.D. Joseph P. Joseph Joseph P. Joseph and Randy J. Farina Joykrishna Mahato Jeffrey B. Sacknowitz Kelsey Chen Kevin F. Murphy D. William Kohli, Michael V. Salm, and Paul D. Scanlon, CFA Michael J. Atkin Thalia H. Meehan, CFA, and Paul M. Drury, CFA Michael V. Salm, Co-Head of Fixed Income; and Brett S. Kozlowski, CFA and Kevin F. Murphy, Portfolio Managers Michael V. Salm Nick C. Thakore Paul D. Scanlon Putnam Global Asset Allocation Team Putnam Investments Putnam Tax Exempt Fixed Income Team Putnam U.S. Equities Team Putnam Portfolio Managers Robert M. Brookby Robert D. Ewing Randy J. Farina Robert D. Ewing, CFA, Co-Head of U.S. Equities, and Shep Perkins, CFA, Co-Head of International Equities Robert L. Reynolds Robert L. Salvin Michael V. Salm, Co-Head of Fixed Income, and Brett S. Kozlowski, CFA Sarah A. Marshall Paul D. Scanlon, CFA, Co-Head of Fixed Income | T.L. Tsang, CFA, Analyst Steven W. Curbow Simon Davis Shep Perkins Robert L. Davis, CFA, Analyst, and Simon Davis Thalia Meehan Vivek Gandhi Walter D. Scully Izzet Yildiz, Ph.D., Analyst | Michael J. Atkin, Portfolio Manager | Jo Anne Ferullo, Senior Investment Director
Oil and other commodities look unattractive from a return perspective, but their diversification potential may be improving.
Wage growth has been missing from the current recovery, but the conditions are in place to test whether this is a structural challenge for the Fed.
Given our relatively pessimistic outlook for commodities, we have favored a modest underweight stance for this asset class. Commodities generally behave with more momentum than reversion, and entered the...
We are watching for a possible shift, although it is not yet evident, in the correlation between stocks and bonds, which measures how similarly or differently these asset classes...
As 2013 begins, we find that important changes are occurring in the correlation structure of markets that should shape investment strategy. The first important shift is a decline in...