The Benefits of Allocating Across Asset Classes

I think managers can access more attractive terms with greater investor protections generally in the form of covenants, which represents a growing shift of power from borrowers to lenders. The first senior loans offer larger coupons today than high yield bonds. We're also looking at ratings comparisons across different asset classes. A lot of investors are asking about timing. And what's the rate entry point for investing more significantly in the subinvestment grade asset classes.