Signals in the noise

In a market defined by elevated credit valuations, rising global debt, and shifting sector dynamics, investors face an increasingly complex landscape. Across key themes – from covenant protections and long-term fixed income positioning to quality investing, and gold’s renewed appeal – this selection of insights from Mawer explores the forces reshaping the global economy and what this means for investors. Together they offer a practical framework to help investors navigate uncertainty while strengthening portfolio resilience.

Dead Reckoning: Investing Lessons from the High Seas

This article illustrates several ideations and tools investors can incorporate into their processes to navigate the choppy, mercurial waters of long-term investing.

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Extra Credit: Unpacking Credit Covenants

Credit covenants are clauses in loan or bond agreements that set obligations or restrictions on borrowers to help lenders manage risk and enforce financial discipline. Mawer analyzes these covenants because they impact risk assessment and investment decisions, with leveraged loans generally having stricter terms than high yield bonds or investment grade issuers.

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Fixed Income Allocations for 2025 and Beyond: Playbook for Investors

Credit valuations appear elevated, global debt levels are high and rising quickly, and persistent fiscal imbalances risk undermining market confidence. Mawer discusses how investors should navigating current uncertainty while improving the long-term prospects of their fixed income allocation.

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The Art of Quality Investing: Balancing Discipline and Opportunity

Mawer delves into the characteristics of quality companies, the metrics used to quantify quality, and the durability of quality through market cycles.

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Investment Opportunities in a Changing Military Landscape

Mawer discusses the defense industry's evolution with Equity Analyst Joshua Samuel. The conversation highlights how the current geopolitical environment has transformed defense from an underperforming sector to an investment opportunity, and certain valuations now reflect much of this potential.

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Gold: The Sparkly Asset That Never Fails to Spark Debate

Gold's surge to record territory in 2025 isn't just another market anomaly. It's the result of a perfect storm: macroeconomic pressures, unprecedented central bank buying, and a world that feels increasingly unstable. But before rushing to load up on bullion, let Mawer separate the golden truths from the fool's gold.

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Credit Markets: Caution, Compression, and Opportunity

On this episode of The Art of Boring, Mawer’s Global Credit Portfolio Manager Brian Carney unpacks what he believes are some of the most pressing issues in credit markets today. He explores whether recent private market bankruptcies signal deeper systemic concerns, how to position for sovereign bond issuer risk in a sticky inflation world, and the impact of the AI-driven debt wave on credit spreads.

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