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

RBA Has Lost Its Way

The RBA Has Lost Its Way

The RBA’s description of its monetary policy mandate states that it “has a duty to maintain price stability, full employment, and the economic prosperity and welfare of the Australian people” …
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Opportunity and Return Update May 2019

Narrow Road Capital Opportunity and Return Update – May 2019

After reading about where I’m seeing future problems for debt investments, it would be possible to think I’m pessimistic about the investment outlook for my clients. That couldn’t be further …
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Wrecking ball toppling profits on chart

Tech Wreck 2.0 and Debt Wreck 2.0 are Coming

George Bush once famously mangled the old saying “fool me once, shame on you; fool me twice, shame on me”. Whilst it’s embarrassing watching the video of him trying to …
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Dinny McMahon

Reflections on Dinny McMahon’s Book on China’s Great Wall of Debt

The debate over the longevity of the economic boom in China has long divided economists and financial market participants. On one side are believers that China’s economic miracle will continue, …
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Credit Shapshots

Credit Snapshots – March 2019

The RBA quietly admits responsibility for bubbly house prices This month the RBA quietly admitted that low interest rates have played a big part in the rise in Australian house …
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Howard Marks' Book Market Cycle

Reflections on Howard Marks’ Book on the Market Cycle

Howard Marks has long been regarded as one of the great investment communicators; wise enough to understand how investment markets work and witty enough to explain it in an interesting …
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