1、KKR Credit&MarketsOctober 2024 Market ReviewSteady Ingenuity11The Finish Line144Ready,Set,Go6Thoughtful NavigationHares,Beware:Future-Proofing Credit Written by:Christopher A.SheldonPartner and Co-Head Credit&MarketsTal RebackDirector,Credit&MarketsKristopher NovellManaging Director,Asset Allocation

2、&Portfolio Construction“Beware the investment activity that produces applause;the great moves are usually greeted by yawns.”Warren BuffettExecutive SummaryMany of us know the story of The Tortoise and the Hare,one of Aesops timeless fables.The story,originating from Aesops collection of fables first

3、 told in ancient Greece circa the 6th century B.C.,has been retold through the ages to impart a simple but powerful concept:“Slow and steady wins the race.”In our view,the key takeaways are about more than just speed rather,they highlight the shortcomings of being too reactive,the virtue of persiste

4、nce,and the rewards of consistency and trusting your instincts.In todays financial world,these principles are as relevant as ever.Building off our June Market Review,Run Credit,Run!,we remain steadfast in our belief that this market will challenge investors resilience going forward.In light of risin

5、g macro and geopolitical uncertainty,constructing a multi-asset credit portfolio with an eye toward a materially larger diversification strategy is one of a few proactive approaches to future-proofing a portfolios credit exposure.Last quarter,we emphasized the importance of staying nimble across mar

6、kets and asset classes just as the tortoise in Aesops tale relies on adaptability to outpace the hare in the seemingly uneven contest.The same principle holds for investors in the marathon that is todays non-obvious market.As a result,we maintain our position of prioritizing carry over convexity as