A Note to Subscribers

Plans for Rest of the Month

The next paid research brief goes out on Wednesday, May 13th. As always, the full analysis will be available exclusively to subscribers, with a paywall excerpt posted publicly for those still on the fence. This will be our third research thesis for paid subscribers this year. The investment update on two of our favorite short-duration fixed-income positions, written on May 2nd, does not count towards the total.

May is shaping up to be a busier month than usual. The standard cadence is three fixed-income research briefs per month in addition to the PFF rebalance note, and that remains the goal. This month, however, we are likely to publish four or five. This will not take away from June or any other month. The reason for the increase is that the volatility generated by the Iran War has pushed spreads wider across a handful of names we have been tracking for some time, and a few of those situations have now crossed the threshold from “interesting” to “actionable.” In another instance, the spread has come in, but we believe the company is improving much better than the market is giving credit for. When the market hands you pricing that changes the relative value proposition on a credit you already know well, you need to get the write-up out for your consideration.

We appreciate your readership and your support of the subscription. The whole point of this publication is to find moments where the analysis and the price line up, and this is one of those moments. Wednesday’s brief will be the first of what looks like an active stretch. We will keep you posted as the additional reports take shape over the balance of the month.