Voya Investment Management Head of Asset Allocation Barbara Reinhard was recently on Bloomberg discussing market volatility, China, and last week’s late-stage rally. Looking at the recent stock market recovery from December lows, Reinhard said Voya believes markets are overbought. She said that “to have had the significant rally that we’ve seen in U.S. equities, which are up 18 percent from recent lows...it’s not unusual to see these types of pullbacks.”
Bloomberg News reports, “U.S. corporate debt rated BB...is now looking overpriced by at least one measure as investors pour money into higher yielding debt.” Voya Investment Management’s senior high-yield portfolio manager Randall Parrish said, “Given the strong performance of BBs to start the year and the low yield they offer, and given that BBBs are relatively wide versus A rated, we believe the BBB-BB spread is too tight and prefer BBBs.”
In an interview with CNBC’s Squawk Box, Voya Investment Management’s head of asset allocation Barbara Reinhard said that while a tentative deal to avert another U.S. government shutdown is “certainly a relief to the market,” it’s “not the only worry that the market has.” With regard to ongoing U.S.-China trade talks, Reinhard said the Trump Administration “certainly has seen the effects of a potential raising of tariffs on China.
Bloomberg News reports that a number of forecasters do not expect the current investment-grade credit rally to last through 2019.
In an interview with CNBC’s Squawk Box, CIO of Fixed Income at Voya Investment Management Matt Toms discussed the Federal Reserve’s dovish shift. With the Fed on hold, Toms said investor focus will turn to corporate earnings, which he estimated would be “at about a 5 percent earnings rate.” He added that there have been no signs that consumer confidence has “degraded into the political uncertainty and global trade uncertainty.”
Voya Investment Management’s head of asset allocation Barbara Reinhard appeared on Bloomberg Markets where she discussed the market implications of the Brexit negotiations.
Pensions & Investments reports Voya Investment Management CEO Christine Hurtsellers said she’s not fazed by the growth in assets under management among the world’s largest money managers through passive investing and exchange-traded funds. Instead, she said, she’s excited about the company’s growth efforts using its insurance asset management expertise – its liability awareness, its ability to customize, and its ability to offer asset classes that are hard to replicate in public markets.