What You Need to Know About Tracking Error

Published on June 10, 2026

If you think tracking error tells you how well a portfolio “tracks” the benchmark, it doesn’t. If you think it signals underperformance, that’s not right either. And if you believe high tracking error is inherently better or worse depending on the manager, that’s not the whole story.

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Stronger Dollar Trade: The Most Unexpected Macro Bet (Part 2)

June 10, 2026
In Part 1, we explored why Dollar Dominance Remains Alive and Well. Today, we will explore the stronger-dollar trade, the one macro trade that nobody is sized for.

Energy Credit Market Returns Reflect Sector Discipline

June 10, 2026
The takeaway for both HY and EM corporates is straightforward. Once oil prices are above breakeven, further moves in oil tend to matter less for credit performance.