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

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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Who's to Blame for the Greensill Mess

Who’s to Blame for the Greensill Mess?

Lex Greensill, Softbank, credit insurers, fund managers and BaFin all played a part in billions being lost
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RBA to APRA

RBA to APRA – we’ve set house prices on fire, you fix it

The RBA admits that rising house prices are creating financial stability issues, but it expects APRA to clean up its mess
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Greensill logo

Credit lessons from the Greensill downfall

For credit veterans Greensill’s downfall isn’t a surprise with many common red flags long associated with this business
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It’s (almost) all about the yield

It’s (almost) all about the yield

If central banks take away the metaphorical punch bowl, the party would quickly become a riot with asset prices trashed
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