There are periods when knowing many things and skillfully implementing them is the main source of alpha, but that hasn’t been the case since the financial crisis.

As we enter 2023, credit faces crosscurrents. Fundamentals remain strong but economic growth is likely slowing. We assess what this means for markets in our Q1 outlook.

A wide divergence between buyer and seller expectations sets up an uncertain beginning to 2023 for the CRE market.

Zero interest rates and quantitative easing have long provided seemingly interminable tailwinds. But 2022 and Q1 2023 prove we're now in a cut-down phase.

The solid backdrop for credit sets the scene for compelling returns. It will be a credit-picker’s market, and we look to high yield bonds and senior secured loans as areas of continued opportunity.

As we head into 2022, the market in general appears quite strong, but there will likely continue to be significant dispersion, offering investors the opportunity to outperform.