Narrow Road Capital

Australian Credit Management - Higher Returns · Lower Fees

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Australian Credit Management

Higher Returns · Lower Fees

How We Work

Why high yield & distressed credit?

At Narrow Road Capital we believe the credit markets reward three key variables: perceived risk, perceived complexity and actual illiquidity.

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Our Investment Process

Since the establishment of Narrow Road Capital in 2012, client returns have substantially exceeded benchmarks and the vast majority of our peers.

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Our Track Record

We believe a well selected and diligently managed high yield and distressed credit portfolio will deliver far better risk adjusted returns than traditional investment categories.

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Recent Memos

Credit Shapshots

Credit Snapshots – November 2018

The Australian Business Securitisation Fund The announcement of the Australian Business Securitisation Fund (ABSF) this month has been derided as a political stunt by a few observers. However, if managed …
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The Arguments Against Austerity are Simplistic and Short Term

The recent debate over austerity has been profoundly one sided. Articles by Paul Krugman, Robert Skidelsky and Ryan Cooper have taken on a victory lap tone for the anti-austerity camp, …
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Australian Dollar notes

What is “Cash” and Why it Matters

APRA’s letter to superannuation funds in June this year laid bare a concealed and often ignored risk being taken by some fund managers. Funds that are meant to be invested …
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Job Interview

A Jobs Guarantee Could be a Better Form of Welfare

In the US and Australia anti-poverty advocates have been calling for increased income support for those in the lowest income brackets. This has taken on a different form in each …
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Emerging Markets

Emerging Markets: Nothing New Under the Sun

“That which has been is that which will be, and that which has been done is that which will be done. So there is nothing new under the sun.” Ecclesiastes …
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How a “Bear” Outperforms in a Rising Market

The feedback I often get from readers of my articles is that I must be an investment bear. That’s understandable given my last two articles were “The Dirty Dozen Sectors …
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