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By John Lovito - April 10, 2018
The first quarter of 2018 reminded markets that volatility is a risk—one we haven’t seen for nearly a decade. When markets gain steadily for an extended period of time, it’s easy to lose sight of the fact that markets can also surprise to the downside. That’s why I consider it so important to have a team in place that’s seen multiple market cycles, has outperformed throughout those cycles and can pivot as markets demand.
Volatility drove two of the biggest pivots we made recently. We became more defensive with regard to our exposure to developed markets, and we increased exposure to emerging markets. In this quarter’s outlook, I provide insight into my thought process around liquidity, trades and rate hikes.
Munis still have a way to go to reach their pre-COVID-19 spread levels, suggesting the asset class may still offer value.
As many U.S. hospitals strive to regain their financial health in the wake of the COVID-19 pandemic, active municipal bond (muni) investors are finding value in this hard-hit sector.
It’s a time to be cautious and that means reassessing every holding’s creditworthiness and ability to withstand a recession.
As the global economic cycle matures, certain risks inherent in fixed-income investing will become more apparent.
In this quarter’s update, Sr. VP and PM John Lovito dives into the three markets with the most risk for aggressive monetary policy.
October 31, 2017
Generally, as interest rates rise, bond prices fall. The opposite is true when interest rates decline.
International investing involves special risks, such as political instability and currency fluctuations.
Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.
The opinions expressed are those of American Century Investments (or the portfolio manager) and are no guarantee of the future performance of any American Century Investments' portfolio. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.