Narrow Road Capital

Australian Credit Management - Higher Returns · Lower Fees

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

Debt Quality Matters

In a Crisis, the Quality of Spending and Debt Matters

There is no free lunch, Keynesian responses do provide short term stimulus but place an anchor on future economic growth.
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Eviction Moratoriums

Eviction Moratoriums Are Terrible Economic Policy

Eviction moratoriums are supposed to help poorer citizens, but in the long term they result in rental accommodation being more expensive.
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Interesting debt Markets

There’s Always Something Interesting Happening in Debt Markets

If you venture off the well trodden pathways, there’s always something interesting happening in debt markets.
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Austria Century Bond

Could Austria’s Century Bond End Up Like Argentina’s?

It doesn’t take a default for Austria’s recently issued century bond to trade at the same price as Argentina’s defaulted debt.
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conspiracy theories

When the Truth is this Crazy, Who Needs Conspiracy Theories?

The insolvency of Wirecard has made many look foolish, but short sellers and a journalist had been on the case for years
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financial crisis

Are CLOs Going to Cause Another Financial Crisis?

Are claims that CLOs will bring down American banks another “Big Short” or merely a beat-up?
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