Research, Commentary & Conversations
A window into how we think about securitized credit and broader risk markets, through current themes we’re watching, longer-form perspectives, and conversation with the portfolio management team.
On Our Radar
As part of an ongoing effort to share relevant perspectives with our partners, we periodically circulate select third-party research, data points, and market observations that we believe are interesting and timely. These notes are concise and informational, simply highlighting items that have caught our attention and may be useful as you think about portfolio positioning and broader market developments. All materials are fully attributed to their original authors.
The Impact of AI on the Mortgage Market
Morgan Stanley makes the case that AI agents could lift refinancing efficiency from ~29% toward ~60%, unlocking record homeowner equity and driving debt consolidation and modest consumption gains.
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Inflows Into Credit: A Demographic Story
A demographic case that $2–4 trillion in credit demand is coming over the next decade as boomers shift into annuities and insurers buy IG corporates and securitized bonds to match liabilities.
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How Fast the Rate Outlook Flipped
Central-bank rate expectations have not just shifted in magnitude — the direction has flipped in under a month.
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When Correlations Go to 1
A volatility storm pulls equities and fixed income down together, but a tax-refund tailwind is still building.
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Software & Tech Exposure in Leveraged Credit
How concentrated leveraged credit has become in software and technology — and the 2010–2014 HY energy parallel.
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Sardis Commentary
A recurring conversation with the Sardis portfolio management team on the markets we follow, the themes shaping client portfolios, and where we see opportunity.
Q3 2026 Podcast One-Pager
A concise written companion to the quarterly conversation, recapping SGSIX's quarterly performance, portfolio positioning across securitized credit, and the Q4 outlook.
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Q3 2026 Quarterly Update
The Sardis team recaps the third quarter, reviews positioning across securitized credit, and looks ahead to the themes shaping the rest of the year.
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Tax-Loss Harvesting with Daily-Liquid Bond Funds
With most major Bloomberg bond indices negative on the year from a price perspective, daily-liquid bond funds are natural candidates for harvesting losses before year-end.
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Q2 2026 Podcast One-Pager
A concise written companion to the quarterly conversation, recapping SGSIX's quarterly performance, portfolio positioning across securitized credit, and the Q3 outlook.
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Q2 2026 Quarterly Update
The Sardis team recaps the second quarter, reviews positioning across securitized credit, and looks ahead to the themes shaping the second half of the year.
Watch
Q1 2026 Quarterly Update
The Sardis team reviews the first quarter, discusses positioning across securitized credit, and looks ahead to the themes shaping the rest of the year.
Watch
Q1 2026 Podcast One-Pager
A concise written companion to the quarterly conversation, summarizing the key positioning takeaways and the data behind them.
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