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Australian Credit Management - Higher Returns · Lower Fees

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Australian Credit Management - Higher Returns · Lower Fees

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Australian Credit Management

Higher Returns · Lower Fees

How We Work

Why Crossover 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 crossover credit portfolio will deliver far better risk adjusted returns than traditional investment categories.

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Recent Memos

2020-12-26 MMT's key claim

MMT’s key claim is true but simplistic

MMT’s claim that governments can print money is true, but there’s substantial negative consequences which are neither immediate nor blatantly evident to the untrained observer
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Too Much Money

Too much cash can create a crisis

Financial markets are delirious with stimulus and won’t stop partying until there’s a crash so big that central banks can’t effect a bail out
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cracks in chinese credit

More cracks are appearing in Chinese credit

The misplaced confidence of Chinese credit investors has been shaken by the default of three state owned entities including one rated “AAA”
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Government stimulus end game

What’s the endgame for government and central bank stimulus?

Governments and central banks have embarked on a journey with no clear idea of where they are going, here’s five ways it could end
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zombie global economy

Welcome to the zombie global economy

The number of zombie companies is growing and current policy settings point to this trend worsening in the years ahead
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leverage loans feral

The leveraged loan market has gone feral

Lenders have responded to a wave of distressed companies and the cancer of weak covenants by going feral on each other
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NABHA

The end finally appears near for NABHA holders

The announcement that NAB is preparing to call NABHA securities is good news for holders, but it is a reminder of common myths about hybrids
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Double win for big banks

A double win for the major banks

The Federal Government has handed the Australian major banks two big wins over their non-bank competitors
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Unsustainable will end

If It’s Unsustainable, It Will Eventually End

Governments, corporates and households with excessive spending and debt are living on borrowed time.
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Be cynical on government debt

Be Cynical On Government Debt

It’s relatively easy and common for politicians to walk away from a financial mess, which makes corporate and personal debt a better investment than government debt.
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Emerging markets road sign

There’s a reason emerging markets look cheap

Emerging markets are cheaper than developed markets for good reason, with three recent examples highlighting commonly ignored risks.
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Company Directors

Company directors: if you can’t stand the heat, get out of the kitchen

Company directors hold themselves out as experts, but are increasingly demanding protection from the consequences when they fail to act reasonably.
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