Bramshill investor letter

2017 - q3 - Quarterly Review

If we look at the average estimates from economists, it appears likely that US treasury investments will have negative returns for 2018. With spreads tight and correlation to US Treasury prices high, we also cannot imagine corporate bonds, municipal bonds, high yield corporates, or long duration preferreds having a meaningful positive total return. To be clear, we are constructive on the strength of the global economy and growth, yet with current fixed income pricing we would just suggest "buyers beware."

In this Q3 Investor Letter, you’ll learn about market insights including:

• Yield curve dynamics: Why recent concern about the flattening of the yield curve is not a significant concern of ours
• Rising interest rates: The three macro factors leading us to believe that the market is shifting from a benign interest rate environment to one that will not be friendly to most fixed income asset classes
• Bramshill Income Performance Strategy positioning: Why we are tactically allocating to fixed-to-float preferreds and cyclicals
• Much, much more about how to generate return while managing for risk

Complete the form on this page to access the market insights in our Investor Letter.