“It likely comes as no surprise, amongst our small cadre of followers, that Fulcra sits firmly in the camp that the current valuation of financial assets is expensive and virtually without precedent. An overwhelming driver is the low level of interest rates and a prevailing view amongst investors that they will stay low, virtually, forever.”

Read more of the Q4 2020 Commentary from Fulcra Asset Management, portfolio manager for Lysander-Fulcra Corporate Securities Fund.

Fulcra Q4 2020 Commentary