Lost in the Middle

A discussion paper written by Richard Quin, concerning the position of credit vis a vis portfolio construction in the post global financial crisis economy.

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Market Value & Liquidity

Fund structure plays an important part in the performance of credit funds. A well-structured fund supports pricing transparency, liquidity and fairness for unitholders. In this paper, Richard Quin outlines the key structural features that should be incorporated into in an open-ended credit investment fund. This paper was written to help investors make informed choices when comparing credit funds, and to understand the risks and the protections that can exist within fund structures.

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Missing Asset Class

The Global Financial Crisis, it is common to see Australian investors with their assets allocated between two extremes, with large weightings to low risk cash and fixed interest at one end, and to equities at the other, leaving a rather large gap in the middle.

This is unfortunate, because there is an income-producing asset that sits comfortably in that gap. This is The Missing Asset Class.

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The importance of the capital structure in credit investments

Before making any investment decision, whether it’s in equity, fixed income or property it’s important to consider whether you are adequately compensated for the risks you are taking. Understanding where your investment sits in the capital structure will help you recognise the potential downside that could result in permanent loss of capital.

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Better yields than bonds (with less risk than equities)

Investors are facing a common challenge: falling cash rates make it hard to earn a real return above inflation. Record-low yields on asset classes like cash (term deposits) and traditional fixed interest (government bonds) provide little investment income, while attempting to target similar returns from previous years may force investors to allocate into riskier asset classes such as equities, just as those markets are reaching new peaks.

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