@newfleet

Newfleet Asset Management, a division of Virtus Fixed Income Advisers, LLC, is a multi-sector fixed income manager with more than 30 years of experience.

 Hartford, CT
newfleet.com
Joined March 2012
  • Tweets548
  • Following89
  • Followers354
132Media
Treasury yields jumped in September, with the 10-year up 53 bps to 5.28%. U.S. 2-year real yields are back at 2023–24 levels. How much further can real yields go? Read more in @virtus affiliate Newfleet’s Spotlight on Global Credit. bit.ly/4cMltbT
Line chart of the 2-year U.S. real yield (2-year nominal Treasury yield less 2-year inflation swap) from October 2021 to September 2026, rising recently to levels consistent with 2023–2024.

ALT Line chart of the 2-year U.S. real yield (2-year nominal Treasury yield less 2-year inflation swap) from October 2021 to September 2026, rising recently to levels consistent with 2023–2024.

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Encouraging signs on U.S. core inflation in August: the last two readings for market-price core PCE moved lower even as the labor market tightened. Real improvement or just noise? Read more in @virtus partner Newfleet’s Spotlight on Global Credit. bit.ly/4cMltbT
Line chart comparing monthly market-price core PCE readings for 2026 against 2023, 2024, 2025, and the 2023–25 average, with the last two 2026 readings moving lower.

ALT Line chart comparing monthly market-price core PCE readings for 2026 against 2023, 2024, 2025, and the 2023–25 average, with the last two 2026 readings moving lower.

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Dispersion across fixed income sectors can create both challenges and opportunities. A multi‑sector approach to core bonds may help broaden the opportunity set while managing risk. bit.ly/48nrE35 @virtus
A series of arches and columns

ALT A series of arches and columns

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U.S. employment growth slowed sharply in July, yet unemployment continued to drift toward 4%. What could a tighter labor market mean for inflation and rates? Read more in @virtus partner Newfleet’s Spotlight on Global Credit. bit.ly/4cMltbT
Line chart showing the US unemployment rate rising from about 3.5% in 2023 to a peak near 4.5% in late 2025, then drifting back toward 4% by mid-2026.

ALT Line chart showing the US unemployment rate rising from about 3.5% in 2023 to a peak near 4.5% in late 2025, then drifting back toward 4% by mid-2026.

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New Fed Chairman Warsh, a longtime critic of central bank overcommunication, just issued the shortest FOMC statement in decades. What could a more tight-lipped Fed mean for markets? Read more in @virtus partner Newfleet’s Spotlight on Global Credit. bit.ly/4cMltbT
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The HY mkt may look safer than it has in yrs but the cost of getting it wrong is rising. BBs are re-leveraging, recovery rates have fallen to 25.4% (vs a 39.7% 16yr avg), & spreads are tight. In this mkt, avoiding losers matters as much as picking winners. bit.ly/4xDViMl
Line chart depicting BB leverage trends, comparing leverage to net leverage between Jan 31, 2019 and April 30, 2026 according to Bank of America Global Research. Data as of May 31, 2026.

ALT Line chart depicting BB leverage trends, comparing leverage to net leverage between Jan 31, 2019 and April 30, 2026 according to Bank of America Global Research. Data as of May 31, 2026.

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Corp. profits are up 12% year-over-year while personal income has slowed to ~4%—a widening "K." AI productivity, tariff rebates, & tax policy may all play a role. Read more in @virtus affiliate Newfleet's 𝐒𝐩𝐨𝐭𝐥𝐢𝐠𝐡𝐭 𝐨𝐧 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐫𝐞𝐝𝐢𝐭. bit.ly/4cMltbT
Line chart showing corporate profits growing 12% year-over-year versus personal income growth of approximately 4%, diverging into a "K" shape from 2023 through mid-2026.

ALT Line chart showing corporate profits growing 12% year-over-year versus personal income growth of approximately 4%, diverging into a "K" shape from 2023 through mid-2026.

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In today's video Observations and Expectations, Virtus Senior Managing Director and Chief Market Strategist, Joe Terranova, has a conversation about the bond market with Dave Albrycht, CFA, President and CIO of @newfleet. Watch: bit.ly/4dBrCaT @terranovajoe
Virtus Senior Managing Director and Chief Market Strategist, Joe Terranova and Dave Albrycht, CFA, President and CIO of Newfleet Asset Management

ALT Virtus Senior Managing Director and Chief Market Strategist, Joe Terranova and Dave Albrycht, CFA, President and CIO of Newfleet Asset Management

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Loans returned 0.73% YTD through April—but ex-software, they were up 1.49%. One sector is masking a healthier market underneath, underscoring the case for a selective approach. Read Virtus partner Newfleet’s article for more on active management: bit.ly/4dn73yM @virtus
Line chart showing YTD returns for all loans vs. software loans through April 30, 2026. All loans ended roughly flat; software loans fell sharply to around –5%.

ALT Line chart showing YTD returns for all loans vs. software loans through April 30, 2026. All loans ended roughly flat; software loans fell sharply to around –5%.

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Geopolitics, energy shocks, and policy uncertainty disrupted markets in 1Q 2026, reviving inflation concerns and driving rapid repricing. See what changed—and what it means for markets—in @virtus partner Newfleet’s Market Review & Outlook. bit.ly/4tY5JHR
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Over a 3-6 mo horizon, job growth has slowed to around zero, primarily reflecting immigration policy changes. We explore the implications of this evolving labor market backdrop & what it means for growth, policy, and credit mkts—Spotlight on Global Credit bit.ly/4cMltbT
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Not sure which way the market is headed? In times of uncertainty, consider outsourcing the complexity of managing credit and duration risk with a multi-sector approach to core bonds. bit.ly/4rz05uE @Virtus
columns and arches

ALT columns and arches

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Newfleet CIO David Albrycht shares his observations from 2025 and expectations for 2026 in a recent conversation with @virtus chief market strategist @terranovajoe. Watch the full video: bit.ly/44I1yWG
In a recent interview with Joe Terranova, Virtus' Chief Market Strategist, Dave Albrycht shares Newfleet’s observations from 2025 and expectations for headwinds and tailwinds heading into 2026.

ALT In a recent interview with Joe Terranova, Virtus' Chief Market Strategist, Dave Albrycht shares Newfleet’s observations from 2025 and expectations for headwinds and tailwinds heading into 2026.

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Employment in small and medium-sized companies has continued to drift lower over the past several months, while large company employment has moved higher into the fall. Read the October Spotlight on Global Credit to find out why. bit.ly/3zNTV4P
Chart shows 3-month average payroll numbers for large, medium and small employers from 2023 to October 31, 2025.

ALT Chart shows 3-month average payroll numbers for large, medium and small employers from 2023 to October 31, 2025.

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Markets continued their rebound in 3Q as the U.S. economy showed resilience and the Federal Reserve cut rates. But is the rally at risk of fizzling out? Read @Virtus partner @Newfleet’s Market Review & Outlook to get their perspective: bit.ly/47pxoJn
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Tariff revenues may have already stabilized—the most recent daily data showed only a very small increase from August to September. Read @newfleet's August Spotlight on Global Credit to find out more. bit.ly/3zNTV4P
Line Chart: Chart shows daily and monthly tariff revenues from 2016 to September 2025

ALT Line Chart: Chart shows daily and monthly tariff revenues from 2016 to September 2025

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Even as the labor market shows signs of weakness, inflation is running hotter than the historical average. Read Newfleet’s August Spotlight on Global Credit to find out how this impacts credit. bit.ly/3zNTV4P
Line chart shows PCE goods inflation (excluding food and energy) year-over-year percent change from 1996 to present, with July’s reading higher than the historical average.

ALT Line chart shows PCE goods inflation (excluding food and energy) year-over-year percent change from 1996 to present, with July’s reading higher than the historical average.

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Frank Ossino, bank loan sector head of @virtus partner Newfleet Asset Management, gives his perspective on current loan trends in a recent #LevFin Insights Q&A. Read the article - bit.ly/45F609o
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Not sure which way the market is headed? In times of uncertainty, consider outsourcing the complexity of managing credit and duration risk with a multi-sector approach to core bonds. bit.ly/3BR8i9B
A Multi-Sector Approach to Core Plus Fixed Income

ALT A Multi-Sector Approach to Core Plus Fixed Income

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Global market turmoil at the start of 2Q eventually stabilized by quarter-end—but are credit markets now in the clear? Read @Virtus partner @Newfleet’s Market Review & Outlook to get their perspective: bit.ly/4nTytj0
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