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.
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.
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

Neoliberalism is greatly misunderstood
The last decade has seen the concept of Neoliberalism go out of fashion. Today it is typically used as a slur against people holding small government and free market beliefs, …
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MMT’s key claim is true but simplistic
Articles and presentations about Modern Monetary Thinking (MMT) are often annoyingly one sided. This isn’t too surprising given the policy recommendations by MMT’s proponents are a substantial departure from what …
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Too much cash can create a crisis
The current conditions in credit markets are bizarre. We’re still in the midst of a global pandemic and economic downturn but credit markets are partying like there’s no tomorrow. Almost …
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More cracks are appearing in Chinese credit
Investing in Chinese debt used to be easy. Chinese bonds and loans almost never defaulted and when they did there was almost always a government bailout. Recent years have seen …
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What’s the endgame for government and central bank stimulus?
The tsunami of monetary and fiscal stimulus this year is a continuation of the policies implemented when the Financial Crisis began. When these first started the few who wondered aloud …
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Welcome to the zombie global economy
Governments the world over have been lamenting the lack of productivity growth for the last 15 years. In Australia this has been somewhat masked by our enormous population growth, which …
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