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.
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 crossover credit portfolio will deliver far better risk adjusted returns than traditional investment categories.
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Recent Memos
![Who's to Blame for the Greensill Mess](https://www.narrowroadcapital.com/wp-content/uploads/2021/04/2021-04-17-Whos-to-Blame-for-the-Greensill-Mess-300x169.jpg)
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
![RBA to APRA](https://www.narrowroadcapital.com/wp-content/uploads/2021/03/2021-03-13-RBA-to-APRA-300x169.jpg)
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
![Greensill logo](https://www.narrowroadcapital.com/wp-content/uploads/2021/03/2021-03-06-greensill_logo_news-300x169.png)
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
![It’s (almost) all about the yield](https://www.narrowroadcapital.com/wp-content/uploads/2021/03/2021-02-21-All-about-the-yield-300x169.jpg)
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
![Neoliberalism is greatly misunderstood](https://www.narrowroadcapital.com/wp-content/uploads/2021/01/2021-01-21-Neoliberalism-300x169.jpg)
Neoliberalism is greatly misunderstood
Neoliberalism has lost the marketing battle, but the evidence points to its key tenets producing the best outcome for both rich and poor members of society.
![2020-12-26 MMT's key claim](https://www.narrowroadcapital.com/wp-content/uploads/2020/12/2020-12-26-MMTs-key-claim-300x169.jpg)
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
![Too Much Money](https://www.narrowroadcapital.com/wp-content/uploads/2020/12/2020-12-05-Too-Much-Money-300x169.jpg)
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
![cracks in chinese credit](https://www.narrowroadcapital.com/wp-content/uploads/2020/11/2020-11-21-cracks-in-chinese-credit-300x169.jpg)
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”
![Government stimulus end game](https://www.narrowroadcapital.com/wp-content/uploads/2020/11/2020-11-14-stimulus-end-game-300x169.jpg)
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
![zombie global economy](https://www.narrowroadcapital.com/wp-content/uploads/2020/10/2020-10-24-zombie-global-economy-300x169.jpg)
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
![leverage loans feral](https://www.narrowroadcapital.com/wp-content/uploads/2020/10/2020-10-17-leverage-loans-feral-300x169.jpg)
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
![NABHA](https://www.narrowroadcapital.com/wp-content/uploads/2020/10/2020-10-10-NABHA-300x169.jpg)
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