Inside This Issue—Fourth Quarter 2007
In 2007, we were concerned that the economy was out of balance and vulnerable to exogenous shocks.
> Credit Crunch Deepens—Fixed Income Sector Review
The fourth quarter was reminiscent of the third quarter in the corporate bond market. Corporates underperformed duration-matched Treasuries by 262 basis points, a showing slightly worse than the third quarter, which itself had been the worst quarterly excess return performance for the corporate market in the last five years.
The extraordinary events in the credit markets last year will likely impart lingering ramifications for the U.S. economy through at least the first half of this year.
Peter Vutz joins Dwight as Portfolio Manager; Laurance Ring joins Dwight as Credit Analyst.
Investment Results as of 12/31/07 [login required]
This information is included in our password-protected area of the site. When you click the link below, you will be prompted to enter your username and password. Access to this information is limited to persons or entities maintaining an account or other relationship with Dwight. If you would like to request access to this information, please email us at info@dwight.com.