Summary:
Marking the one year anniversary of the credit crunch, James B. Kauffmann, Head of Fixed Income, suggests that even though fixed income security prices have significantly declined and yield spreads are at wide levels, now might not be the time to sell. Moreover, while he expects the systematic unwinding of financial leverage has and will continue to negatively impact many financial business models, he feels that the market today is providing opportunities that heretofore have not been available to high quality bond managers. While he expects the ride ahead may be bumpy, Mr. Kauffmann believes it could also be profitable and that this is not the time to be afraid or shy away from taking prudent risks.
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This commentary has been prepared by ING Investment Management for informational purposes. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed herein reflect our judgment and are subject to change. Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels and (4) increasing levels of loan defaults (5) changes in laws and regulations (6) changes in the policies of governments and/or regulatory authorities.
The opinions, views and information expressed in this commentary regarding holdings are subject to change without notice. The information provided regarding holdings is not a recommendation to buy or sell any security. Portfolio holdings are fluid and are subject to daily change based on market conditions and other factors.
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