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

The rent is too darn high

The rent is too darn high

The rapid decline in residential properties available for rent points to a greater proportion of low income Australians becoming homeless
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Do rate rises cause recessions?

Do rate rises cause recessions?

Governments and economists might finally be realising that excessive stimulus creates and exacerbates recessions
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Cyclicality of capital allocation

The cyclicality of capital allocation

With long term bond yields rising, investors are likely to allocate their capital very differently than they did in the last few years
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Bear market without a recession

A bear market without a recession?

The prospect of a recession normally accompanies a slump in asset prices, but the current starting point and trigger are somewhat different from historical examples
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Outlook for 2022

An outlook for 2022

Higher interest rates, dumb politics and euphoric markets are key risks for asset prices in 2022
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stupidity of rent controls

The stupidity of rent controls

Rent controls are an example of government intervention in order to fix the problems caused by previous government interventions
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The credit story of the year

The credit story of the year

The demise of Chinese property developers and the wider impacts are likely to be the credit story of the year
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Nobel Prize

A Nobel prize for debunked research?

The claim that increasing the minimum wage doesn’t lead to reduced employment goes against the vast majority of studies
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Housing Affordability Submission

5 recommendations to make housing affordable

This is Narrow Road Capital’s submission to the Federal Government’s inquiry into housing affordability
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Capital versus liquidity

Bank capital matters more than liquidity

APRA’s changes to liquidity requirements will improvement bank liquidity but won’t stop the need for government assistance during crises
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Closed borders

Closed borders have highlighted Australia’s population Ponzi scheme

The Covid border restrictions are an opportunity to reset migration, increase wages and employment, make housing affordable and address productivity problems.
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Basic economics for lockdowns

End Lockdowns Faster With Basic Economics

With better incentives and information, Australians would get vaccinated and get back to normal faster.
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