In our latest episode, Sid Ahl and Erika Pagel are joined by Ryan Myerberg, Partner and Portfolio Manager at Brown Advisory, to discuss the evolving fixed income landscape and the macro forces shaping global bond markets.
Ryan shares his perspective on navigating one of the most volatile periods in recent memory, driven by rate shocks, geopolitical events and AI-fueled growth. He outlines how his team uses interest rates as a lever for alpha and builds unconstrained portfolios informed by global macro and bottom-up research.
Highlights:
- Ryan reflects on the past three years of market volatility and how his team has adapted by staying nimble and opportunistic.
- The conversation explores the bifurcation in the U.S. economy, with AI investment driving growth while traditional sectors lag.
- Ryan discusses the risks of overbuilding in AI infrastructure and the circular financing dynamics emerging across tech and credit markets.
- Global opportunities are highlighted, with central banks outside the U.S. leading rate cuts and offering attractive front-end yield curve exposure.
- Ryan shares views on currency exposure, EM debt and the structural repricing of the U.S. dollar.
- The team dives into credit spreads, securitized assets and private credit, emphasizing selectivity and disciplined underwriting.
- Sid and Erika close the episode by reflecting on Ryan’s global perspective, thoughtful risk management and the importance of active management in today’s bond market.
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Terms and Definitions:
Capital Expenditures (CapEx) represent the funds a company uses to acquire, upgrade, or maintain physical assets such as property, buildings, technology, or equipment.
Consumer Price Index (CPI) is a measure of inflation that tracks the changes in the prices of a basket of goods and services, excluding food and energy prices.
Duration measures of the sensitivity of a bond’s price to changes in interest rates.
Earnings Growth refers to the annual rate at which a company’s net income (or “earnings”) increases over time. It measures the percentage change in earnings per share (EPS) or total net income from one period to another, typically on a quarterly or annual basis.
Spread is the difference in yield between two different debt instruments, often used to assess credit risk.