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The Year That Was

19 December 2016 by lberuti

Despite a tumultuous beginning of the year where some sectors were under severe stress - most notably the energy sector -, it has been generally speaking a good year for credit investors, as shown by the bright green colour of the above grapple. In most areas, not only have they earned some carry, but they also benefitted from decreasing risk premia, thanks to the aggressively accommodative policies of central bankers. However, if you click on the “bomb” icon – in the top right corner - to get access to the performances of individual names, you will see that they have differed massively from one single reference entity to the other. In sovereign land, despite their recent wobble, emerging markets fared very well over the last twelve months, while Italy and Portugal got trashed. Commodity related companies had a really good run in 2016, while the year was much more complicated for Financials, especially banks which had to deal with the US Department of Justice and peripheral institutions. This will be the last blog of the year, and the teams of Hellebore Capital Management and Hellebore Technologies both wish you all a very merry Christmas!