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

Virgin a Listed Note Lesson

Virgin is Another Disaster for Listed Note Buyers

The listed Virgin Australia bonds (VAHHA) look set to go down as one of the worst investments ever to appear on the ASX. After being issued in November 2019, the …
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Virgin Insolvency

Virgin is Better Off Going Through Insolvency

Virgin Australia has been poorly managed and poorly capitalised for years. Whilst the Coronavirus lock-down is the most recent cause of its woes it is merely the latest in a …
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A Chance To Reset In Debt

A Chance to Reset in Debt

It’s often said of investing that a rising tide lifts all boats. However, this isn’t always true and the uneven bounce back in debt markets in the last two weeks …
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Green Light for Corporate Theft

A Green Light for Corporate Theft

The substantial weakening of corporate insolvency protections announced by the Federal Government effectively gives companies a green light to steal from their employees, trade creditors and taxpayers. The vested interests …
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Central Banks Spawned This Crisis

Central Banks Spawned this Crisis

The rapid and widespread sell-off over the last four weeks is a textbook systemic deleveraging. Whilst the culprits are many; hedge funds, risk parity strategies and investors using margin loans …
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Writedowns & Forced Sales

More Write-downs and Forced Sales are Likely

The brutal hits taken by Australian equities (-10.9%) and hybrids (-6.9%) this week were obvious to anyone who picked up a newspaper. What might have been missed is that supposedly …
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