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

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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Governments are anti-productivity

Governments Are Running an Anti-Productivity Agenda

Using debt-fuelled spending to drag forward consumption is counterproductive in the long term, it leads to stagnation, not innovation.
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Evidence of excess liquidity is everywhere

Evidence of excess liquidity is everywhere

Central banks are repeatedly replenishing the punch bowl when the guests are already trashing the venue
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Does adding leverage reduce returns?

Does adding leverage reduce returns?

A new study says yes and there are plenty of historical examples of how leverage can go wrong
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The most dangerous words in finance and economics

The most dangerous words in finance and economics

The MMT experiment is just a sugar hit, we need productivity reforms to promote sustainable prosperity
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The Crown hybrid conundrum and hybrid misconceptions

The Crown hybrid conundrum and hybrid misconceptions

With Blackstone and Oaktree showing interest there’s a wide range of possible outcomes on the Crown hybrids
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