Steve Brown and Patricia Zobel join Macro Markets to offer their analysis on the complex forces shaping our economic outlook and portfolio strategy.

Related Content:

Third Quarter 2025 Fixed-Income Sector Views

Relative value across the fixed-income market.

Read 3Q25 Fixed Income Sector Views

Macro Markets Episode 72: Credit Cycle Check-In

Tom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to discuss credit quality and market technicals at this point in the credit cycle.

Listen now

Views on Rates and Yield Curve

Steve Brown, CIO for Fixed Income, joins Bloomberg TV to discuss the direction of future Federal Reserve policy and his outlook for the yield curve.

Watch now

Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

SP 65558

Tom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to discuss credit quality and market technicals at this point in the credit cycle, as well as what is driving the divergence between the high yield and bank loan sectors. Find out how tariffs and A.I. factor into our bottom-up credit analysis, and where to find value in a time of market volatility and tight spreads.

Related Content:

Third Quarter 2025 Fixed-Income Sector Views

Relative value across the fixed-income market.

Read 3Q25 Fixed Income Sector Views

The Case for Fixed Income in a Volatile World

Portfolio Manager Adam Bloch joins Asset TV for a fixed-income masterclass, discussing the current macro environment, finding relative value, and why today’s market may represent a once-in-a-lifetime opportunity for fixed-income investors.

Watch Now

Macro Markets Episode 71: Midyear Outlook—Taking and Avoiding Risk in a Volatile Market and Uncertain World

Anne Walsh joins Macro Markets for a look back at the first half of 2025 and shares her outlook on the economy, rates, fiscal policy, monetary policy, and relative value.

Listen to Macro Markets

Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

SP 65558

Anne Walsh, Chief Investment Officer of Guggenheim Partners Investment Management, joins Macro Markets for a look back at the first half of 2025 and shares her outlook on the economy, rates, fiscal policy, monetary policy, and relative value. As we head into the second half of the year, the best approach to navigating the noise of market volatility is to stay focused on the long-term signals, which are positive for active fixed-income management. Follow this link to the March 2025 commentary by Walsh referenced in this episode, titled “Don’t Let Policy Volatility Overshadow Market Opportunity.”

Related Content:

Stay Focused on Macro Themes During Tricky Investment Environment

Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss Fed policy, rate cuts, and current investment opportunities

Watch Now

Solving the Core Fixed-Income Conundrum

An active, diversified, multisector approach to meeting the total return objectives of core fixed-income management without taking undue risk.

Read the Report

Macro Markets Episode 70: The Real Opportunity in Real Assets

John Tanyeri, Head of Real Assets or Originations, and Matt Lindland, Head of Structured Products, join Macro Markets to review the spectrum of investments in real assets and their place in a diversified portfolio.

Listen to Macro Markets

Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

SP 65360

What is the investment proposition of ‘real assets’? John Tanyeri, Head of Guggenheim Investments’ Real Assets Group, and Matt Lindland, Head of Structured Products, join Macro Markets to review the spectrum of investments in the asset class—like infrastructure, commercial real estate, and securitized cash flows from hard assets—and their place in a diversified portfolio. They also discuss how trends like digitalization, decarbonization, deglobalization, and demographic shifts should help drive returns going forward.

Related Insights:

Notes on Treasury Market Activity

Update on our macro and market outlook following recent rate volatility.

Read Now

Attractive Opportunities in Credit Despite Fiscal Policy volatility

Anne Walsh, CIO of Guggenheim Partners Investment Management, talks to Bloomberg TV at the Milken Institute Global Conference about trade, tariffs, taxes, and the future direction of monetary policy.

Watch Now

Macro Markets Podcast Episode 69: Investing for Insurance Companies: Prepare for the Worst and Expect the Best

Jamie Crapanzano of our insurance portfolio management team and Ann Bryant of our insurance strategy team join Macro Markets to discuss issues and trends in fixed-income markets—those that apply to all investors as ell as those that are specific to the industry.

Listen to Macro Markets

Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

SP 65249

Jamie Crapanzano of our insurance portfolio management team and Ann Bryant of our insurance strategy team join Macro Markets to discuss issues and trends in fixed-income markets—those that apply to all investors as well as those that are specific to the industry.

Related Content:

Second Quarter 2025 Fixed-Income Sector Views

Relative value across the fixed-income market.

Read Second Quarter 2025 Fixed-Income Sector Views

Attractive Opportunities in Credit Despite Fiscal Policy Volatility

Anne Walsh, CIO of Guggenheim Partners Investment Management, talks to Bloomberg TV at the Milken Institute Global Conference about trade, tariffs, taxes, and the future direction of monetary policy.

Watch Now

Changing the Correlation Assumptions in the Risk-Based Capital Calculation

The NAIC is considering a major overhaul of the required capital calculation. Planning begins now for life and annuity companies.

Read Now.

Macro Markets Podcast Episode 68: Private Debt Update: Don’t Shy Away from Volatility

Joe McCurdy and Rusty Parks join Macro Markets to review the drivers of value in the $1.7 trillion private debt market and how today’s market uncertainty can lead to investment opportunities.

Listen to Macro Markets

Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

SP 64968

Joe McCurdy and Rusty Parks join Macro Markets to review the drivers of value in the $1.7 trillion private debt market and how today’s market uncertainty can lead to investment opportunities

Related Content:

Second Quarter 2025 Fixed-Income Sector Views

Relative value across the fixed-income market.

Read Second Quarter 2025 Fixed-Income Sector Views

Notes on Tariff Turbulence

Update on our macro and market outlook following announcement of new tariff and trade policies.

Read Notes on Tariff Turbulence

Macro Markets Podcast Episode 67: Outlook and Strategy After the Tariff Gray Swan

Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy.

Listen to Macro Markets

Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

SP 64830

Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy, and update our macro outlook, risk assessment, and portfolio strategy as the market volatility unfolds.

Related Content:

Notes on Tariff Turbulence

Update on our macro and market outlook following announcement of new tariff and trade policies.

Read Portfolio Strategy Commentary

Don’t Let Policy Volatility Overshadow Market Opportunity

Long-term signals are positive for fixed income.

Read the CIO Outlook

Macro Markets Podcast Episode 66: Asset-Backed Finance: The Evolution of a Portfolio Mainstay

Karthik Narayanan, Head of Structured Credit, discusses the role asset-backed finance plays in a diversified fixed-income portfolio.

Listen to Macro Markets

Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

SP 64599

Karthik Narayanan joins Macro Markets to discuss the evolution of asset-backed finance, the role it plays in a diversified fixed-income portfolio, and current market dynamics and opportunities.

Related Content:

Don’t Let Policy Volatility Overshadow Market Opportunity

Long-term signals are positive for fixed income.

Read CIO Outlook

1Q 2025 High Yield and Bank Loan Outlook

Reframing tight spreads in leveraged credit.

Read High Yield and Bank Loan Outlook

Macro Markets Podcast Episode 65: Macro and Micro Views on Credit Opportunities in a Shifting Economy

Top-down and bottom-up perspectives on opportunity in the high yield and bank loan market.

Listen to Macro Markets

Investing involves risk, including the possible loss of principal.

In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

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Strong fundamentals and positive market technicals should support credit performance in an environment characterized by high nominal yields, tight spreads, and elevated policy uncertainty. Maria Giraldo and Rebecca Elkins join Macro Markets to provide top down and bottom up perspectives on opportunity in the high yield and bank loan market.

Related Insights:

1Q 2025 High Yield and Bank Loan Outlook

Reframing tight spreads in leveraged credit.

Read High Yield and Bank Loan Outlook

Macro Markets Podcast Episode 64: The SMA Advantage—Institutional Strategies for Individual Investors

Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to explore separately managed accounts (SMAs), a structure that offers many potential benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.

Listen to Macro Markets

1Q 2025 Fixed-Income Sector Views

Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration.

Read Fixed-Income Sector Views

Investing involves risk, including the possible loss of principal.  In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities.  High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.  Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.

This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.

© 2025 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.

Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to discuss separately managed accounts (SMAs), a structure that offers many benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.

Related Insights:

1Q 2025 High Yield and Bank Loan Outlook

Reframing tight spreads in leveraged credit.

Read High Yield and Bank Loan Outlook

Macro Markets Podcast Episode 63: Post-Inauguration/Post-FOMC Analysis—Into the Known Unknown

Matt Bush and Evan Serdensky discuss evolving economic and investing conditions, as well as recent A.I.-related volatility.

Listen to Macro Markets Podcast

1Q 2025 Fixed-Income Sector Views

Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration.

Read Fixed-Income Sector Views

Investing involves risk, including the possible loss of principal.

SMA strategies discussed herein are available exclusively through third party financial professionals and are not offered directly to the public through Guggenheim Investments.

SMA target characteristics and allocations are for illustrative purposes only. Individual account holdings and characteristics will vary depending on the size of an account, cash flows and account restrictions. Individual accounts within the same strategy may have portfolio characteristics and performance that differ from one another.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.

Investment Risks. The strategies described herein may not be suitable for all investors. All investments have inherent risks. There is no guarantee the manager will be able to implement investment strategies successfully or achieve investment objectives. • The market value of fixed income securities will change in response to interest rate changes and market conditions among other things. In general, bond prices rise when interest rates fall and vice versa. • High yield securities present more liquidity and credit risk than investment grade bonds and may be subject to greater volatility. • Structured credit, including asset-backed securities (ABS), mortgage-backed securities, and collateralized loan obligations (CLOs), are complex investments and not suitable for all investors. • Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. • The strategies discussed herein may include the use of derivatives. Derivatives often involve a high degree of financial risk. • Municipal assets will be significantly affected by events that affect the municipal bond market, which could include unfavorable legislative or political developments and adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial support to the municipality. Income from municipal bonds held by investors could be declared taxable because of changes in tax laws. • Diversification neither assures a profit nor eliminates the risk of experiencing investment losses.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC, which includes Guggenheim Wealth Solutions, LLC and Guggenheim Partners Investment Management, LLC. Guggenheim Wealth Solutions, LLC is the primary investment adviser to the Guggenheim Wealth Management SMAs and Guggenheim Partners Investment Management, LLC serves as Sub-Adviser. Please visit www.guggenheiminvestments.com/separately-managed-accounts for more information. Securities distributed by Guggenheim Funds Distributors, LLC.

The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, MBS (Agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (Agency and non Agency).

The Bloomberg U.S. Aggregate Bond 1–3 Year Total Return Index measures the performance of publicly issued investment-grade corporate, U.S. Treasury, and Agency securities with maturities of one to three years.

The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

SP 64082