An 'Achilles' heel' in credit markets means fund managers are bracing for a recession —here's how they're adjusting their portfolios

Asset managers are increasingly wary of a US recession in the next year, leading to a"de-risking" of portfolios.and a slowing US economy as key factors.

The"consensus trade" for emerging market assets could prove"a huge disappointment," particularly in the case of Brazil, as the market is perhaps too bullish on the country's capacity for structural reforms, one fund manager said. "Once unemployment starts to rise, even from a very low level, consumers immediately react, pulling back on spending, which reduces corporate earnings, pushing unemployment higher, in a vicious cycle," added Zandi.has highlighted a weak spot in credit markets according to panelists. The market for leveraged loans now stands at approximately $1.

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