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  • msf March 2019
Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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Bright Lining: (LSBRX)

FYI: Around this time last year, Elaine Stokes, co-manager of the $11 billion Loomis Sayles Bond Fund, thought the stage was pretty well set for an economic upturn. Most major economic indicators were pointing upward, the Republican agenda was intact, and a recession was the last thing on most people’s minds.
Regards,
Ted
https://www.fa-mag.com/news/bright-lining-43471.html?print

M* Snapshot LSBRX:
https://www.morningstar.com/funds/XNAS/LSBRX/quote.html

Lipper Snapshot LSBRX:
https://www.marketwatch.com/investing/fund/lsbrx

LSBDX Is Ranked #15 In The (MB) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/multisector-bond/loomis-sayles-bond-fund/lsbdx

Comments

  • msf
    edited March 2019
    "Around this time last year ... the Republican agenda was intact."

    @Ted - you put this in play

    The article continues ... "All that changed in the last three months of the year.   ...[Elaine Stokes] says 'We went from a Republican-led agenda to a mixed Congress with stalemate situations '"

    What was that agenda that became stalemated only after September? Serious question. I get nervous when managers let their politics drive their investing.

    According to National Review (Jan 2018),
    At the White House, infrastructure is the big idea. ...

    Speaker of the House Paul Ryan keeps talking up welfare reform: ... He also says that reform of Medicare and Social Security is on his wish list, although he does not see it happening this year.

    Senate majority leader Mitch McConnell, meanwhile, says action on welfare is unlikely but suggests that bipartisan legislation on immigration and financial regulation might be possible.
    https://www.nationalreview.com/2018/01/worthwhile-republican-agenda-2018/

    That was January. In April, CNBC's headline was: Trump keeps calling for major legislation, but Congress isn't listening – especially with midterms coming.
    https://www.cnbc.com/2018/04/03/trump-congress-dont-expect-big-legislation-in-2018.html

    It's one thing to have hopes (of whatever political persuasion), it's another for a fund manager to look at a 2018 Congress that was dysfunctional and believe that only now has it become stalemated.

    Especially since much of the major 2018 legislation was bipartisan, e.g. sanctioning of Russia, criminal justice reform, opioid crisis response act. Not to mention the farm bill that passed with wide support once a provision to restrict food stamps was pulled out.
    http://www.pewresearch.org/fact-tank/2019/01/25/a-productivity-scorecard-for-115th-congress/
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