We are pleased to introduce Capital Four’s Big MAC Letter, our new recurring house-view market update.

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MAC stands for Multi-Asset Credit, reflecting our cross-asset approach to macro analysis, valuation and relative value. Big because it represents our key quarterly snapshot of how we see risks and opportunities evolving across credit markets.

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Grounded in proprietary tools such as default-adjusted spreads, the Big MAC Letter looks beyond headlines to provide a deeper perspective on market dynamics. In this first edition, we outline why European credit continues to offer attractive risk-adjusted opportunities, and how we are thinking about positioning across high yield, loans and structured credit.

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The full report is available here: Quarterly Big MAC Letter

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