ResearchTop Client Questions

Top Client Questions

Sep 2, 2023

Q: What was the reasoning for exiting Verra?
Initially bullish on Verra Mobility due to its strong market position in toll management and traffic enforcement, along with high barriers to entry, we saw that our prediction about traffic enforcement held true. However, concerns arose about the tolling business due to potential decreased domestic travel. Ernst & Young resigning as the auditor was the tipping point, leading us to exit our position despite the stock's 27% YTD growth. Profits were secured and added to strategic cash reserves. We plan to use these funds opportunistically as we analyze earnings season results. We sent out a trade update on this last week you can check out in both the app or on web!


Q: What does opportunistic credit mean within the context of Carlyle credit?
Opportunistic credit is generally a form of more expensive transitional capital that helps a company get from point A to point B. Most often, this happens through financing an acquisition or other internal growth initiatives. As a result, in contrast to direct lending which sits at the top of the capital structure, opportunistic capital can range and earn excess premiums. The Opportunistic Credit team at Carlyle in particular has a very active pipeline, from large leveraged buyouts that need funding to family-founded companies in need of capital for growth. By being partners with Carlyle's private equity business, the team is able to further leverage sector expertise and access to interesting deals.


Q: Are treasuries taxed lower than high-yield savings accounts (like Marcus)?

Treasuries may be more tax efficient compared to a high-yield savings account like Marcus because of the tax-advantaged income provided by Treasuries. A high-yield savings account like Marcus is taxable on the federal, state, and local levels whereby income from Treasuries may be exempt from state and local taxes. Not only is the pre-tax yield higher on Smart Cash but the delta between the two for after-tax yields is even more dramatic.


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