Guggenheim Macro Markets

Guggenheim Investments

Tune in to Macro Markets to hear the top minds of Guggenheim Investments offer timely analysis on financial market trends. Guests include portfolio managers, fixed income sector heads, members of the Macroeconomic and Investment Research Group, and more.

Start Here
Episode 25: Fixed-Income Pain Giving Way to Opportunity
Nov 16 2022
Episode 25: Fixed-Income Pain Giving Way to Opportunity
Anne Walsh, Chief Investment Officer for Fixed Income, joins the podcast to give her analysis of where we are in the economic and credit cycle, and her views on risk and opportunity across the fixed income landscape.Related InsightsFourth Quarter 2022 Fixed-Income Sector ViewsMarket and value updates by sectorRead Fixed-Income Sector ViewsThe Jobs Data Trend Is Duration’s FriendOctober jobs data suggests a cooling labor marketRead Macro AlertMarkets Rally After Weak CPI DataScott Minerd, Guggenheim Partners Global CIO and Chairman ofGuggenheim Investments, joins CNBC to discuss markets on CPI day.Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. SP 55046
Episode 25: Fixed-Income Pain Giving Way to Opportunity
Nov 16 2022
Episode 25: Fixed-Income Pain Giving Way to Opportunity
Anne Walsh, Chief Investment Officer for Fixed Income, joins the podcast to give her analysis of where we are in the economic and credit cycle, and her views on risk and opportunity across the fixed income landscape.Related InsightsFourth Quarter 2022 Fixed-Income Sector ViewsMarket and value updates by sectorRead Fixed-Income Sector ViewsThe Jobs Data Trend Is Duration’s FriendOctober jobs data suggests a cooling labor marketRead Macro AlertMarkets Rally After Weak CPI DataScott Minerd, Guggenheim Partners Global CIO and Chairman ofGuggenheim Investments, joins CNBC to discuss markets on CPI day.Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. SP 55046
Episode 24: Yields & Spreads: Are We Getting Paid for Taking Risk in Today’s Market?
Oct 27 2022
Episode 24: Yields & Spreads: Are We Getting Paid for Taking Risk in Today’s Market?
Investment Strategist Maria Giraldo takes us through the fixed-income market to evaluate risk and return prospects with spreads near their historical wides and bond prices at levels not seen in decades. Jerry Cai, an economist in the Macroeconomic and Investment Research Group, provides an update on the latest macro data. Also, we answer listener mail.Related Content:Global CIO Outlook: That Sound You Hear is the Fed Breaking SomethingThe Federal Reserve (Fed) is closer to the end of its tightening cycle, but is clearly not done. Read CIO Outlook “A Once in a Generation Opportunity for Investors”Scott Minerd, Chairman of Guggenheim Investments and Guggenheim Partners Global CIO, joined CNBC to discuss opportunities for investors in a market beset by policy and economic challenges. Watch Video2022’s Upside: The Fed Has Put the Income Back in Fixed IncomeAnne Walsh, Chief Investment Officer for Fixed Income at Guggenheim Investments, joined Asset TV to discuss macroeconomic conditions, risk, and relative value in the bond market. Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management. SP 54708
Episode 23: A CIO’s View of the Bond Market
Oct 13 2022
Episode 23: A CIO’s View of the Bond Market
Steve Brown, Chief Investment Officer for Total Return and Macro Strategies for Guggenheim Investments, gives a CIO’s unique perspective on managing portfolios and market dynamics in a complex macro environment. He discusses credit performance, relative value in corporate and structured credit, duration strategy, risk management, and more. Paul Dozier, a Director in the Macroeconomic and Investment Research Group, provides an update on the latest macro data. Also, we answer listener mail.Related Insights:Global CIO Outlook: That Sound You Hear is the Fed Breaking SomethingThe Federal Reserve (Fed) is closer to the end of its tightening cycle, but is clearly not done. October will test the Fed’s resolve.Read CIO Outlook“We Are Seeing Cracks All Over the Place”Scott Minerd, Chairman of Guggenheim Investments and Guggenheim Partners Global CIO, joins CNBC to discuss ramifications of aggressive Fed tightening.Watch Video3Q22 High-Yield and Bank Loan OutlookSignposts for credit investors as next recession approachesRead ReportInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 22: Investors’ Guide to the Fed’s Hard Landing
Sep 28 2022
Episode 22: Investors’ Guide to the Fed’s Hard Landing
In the newest episode of our award-winning podcast, Brian Smedley, Chief Economist and Head of the Macroeconomic and Investment Research Group, covers a lot of ground in his analysis of the Federal Reserve’s third straight 75 basis point rate hike. He discusses how monetary policy is intended to tame inflation, the Fed’s reaction function going forward, and possible recession timing, as well as the U.S. dollar’s relative strength and foreign central bank responses. With the Fed now embracing a “hard landing,” what should investors be thinking about?Fed Day: The Argument for 100 Basis PointsScott Minerd, Guggenheim Partners Global CIO and Chairman of Guggenheim Investments, joins Bloomberg TV on Fed Day (September 2022)Watch Video3Q22 Fixed-Income Sector ViewsRelative Value and performance drivers across fixed-income sectors.Read Report3Q22 High-Yield and Bank Loan OutlookSignposts for credit investors as next recession approachesRead ReportInvesting involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 21: Measuring Sustainable Infrastructure
Sep 15 2022
Episode 21: Measuring Sustainable Infrastructure
Jim Pass, head of project finance for Guggenheim Investments, and Kate Newman from the World Wildlife Fund talk about the most recent research collaboration between Guggenheim and WWF, a survey of infrastructure investors and developers. Read the report here.Related Insights:3Q22 High-Yield and Bank Loan OutlookSignposts for credit investors as next recession approachesRead Report3Q22 Fixed-Income Sector ViewsRelative Value and performance drivers across fixed-income sectors.Read ReportStocks Are in Trouble if S&P Fails To Break Above its 200-day Moving AverageDeeper losses for equities may lay ahead.Read Macro AlertInvesting involves risk, including the possible loss of principal. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 20: For the Fed, the Devil is in the Data; Agency MBS Update
Aug 18 2022
Episode 20: For the Fed, the Devil is in the Data; Agency MBS Update
Matt Bush, Guggenheim’s US economist, discusses the fast-moving economic data and what it might mean for the future course of monetary policy. Aditya Agrawal, head of the Agency MBS Sector Team, reports on developments in his sector, which is directly affected by the Fed's balance sheet management.3Q22 Fixed-Income Sector ViewsRelative Value and performance drivers across fixed-incomesectors.Read Fixed-Income Sector ViewsThe Inflation Moderation We Expected Should ContinueLower July CPI inflation is likely the beginning of a trend.Read Macro Alert CIO Mid-Year OutlookSteve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook Masterclass to discuss multi-asset solutions for the market ahead.Watch Video Investing involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 19: A Close Look at Hotel Real Estate/Macro Update
Aug 4 2022
Episode 19: A Close Look at Hotel Real Estate/Macro Update
Jenny Marler, head of Guggenheim Real Estate, focuses on hotels and hospitality, one of the real estate sectors hardest hit by the pandemic. Jerry Cai, a Vice President in the Guggenheim Investments Macroeconomic and Investment Research Group provides an update on latest Federal Reserve decision and other macro developments. We also answer a listener’s question. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com.Related Insights:3Q22 Fixed-Income Sector ViewsRelative Value and performance drivers across fixed-income sectors.Read Quarterly Market ReviewCIO Mid-Year OutlookSteve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook Masterclass to discuss multi-asset solutions for the market ahead.Watch Video Investing involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 18: Investment-Grade Corporates and the Macro Backdrop
Jul 21 2022
Episode 18: Investment-Grade Corporates and the Macro Backdrop
Episode 18: Investment-Grade Corporates and the Macro BackdropThursday, July 21Justin Takata, head of Guggenheim’s Investment-Grade Sector Team, discusses the technical and fundamental drivers of value in his market. Guggenheim’s U.S. Economist Matt Bush reviews the latest CPI and jobs data, and outlines his views on recession timing and the possible progression of monetary policy. We also answer a listener’s question about fixed-income funds in retirement plans. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com.Related Content1. Recession Signals Flashing Red The latest data suggest we may already be in a recession.Read Macro Alert2. CIO Midyear OutlookSteve Brown, CIO for Total Return and Macro Strategies, joins Asset TV’s CIO Mid-Year Outlook MasterClass to discuss multi-asset solutions for the market ahead.Watch Video Investing involves risk, including the possible loss of principal.This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 17: Fixed Income in Retirement Plans
Jul 6 2022
Episode 17: Fixed Income in Retirement Plans
In Episode 17: “Fixed Income in Retirement Plans” (July 6, 2022), portfolio manager Adam Bloch, a managing director and a leader of our total return team, discusses economic and market conditions in fixed income, and offers perspective on considerations for plan sponsors, advisors, and plan participants when evaluating the bond allocation in retirement accounts. If you have a question to direct to the podcast, please email macromarkets@guggenheiminvestments.com.Related Insights:Recession Signals Flashing RedThe latest data suggest that we may already be in a recession.Read Macro AlertInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 16: Fed Watch: A Deep Dive into 75
Jun 23 2022
Episode 16: Fed Watch: A Deep Dive into 75
Brian Smedley, Guggenheim’s Chief Economist and Head of Macroeconomic and Investment Research, discusses the impact of the Fed’s 0.75% rate hike on markets and the economy.If you have a question you would like to direct to the podcast, please email macromarkets@guggenheiminvestments.comRelated Insights:Macro Markets Podcast: Episode #15Paul Dozier on how stocks have performed in midterm election years, and head of foreign exchange Cameron Crosby discusses the currency markets.Listen to Macro Markets Podcast Ep. 15Credit Returns in the Upcoming Fed Hiking CycleThe outlook for credit amid rising inflation, monetary tightening and war in EuropeRead High-Yield and Bank Loan ReportInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.
Episode 15: Mid-Term Election Markets, Currencies, the Neutral Rate
Jun 9 2022
Episode 15: Mid-Term Election Markets, Currencies, the Neutral Rate
Paul Dozier, a Director in the Guggenheim Investments Macroeconomic and Investment Research Group discusses the performance of equity markets during mid-term election years and provides an update on the latest economic data. Head of Guggenheim’s foreign exchange and derivatives trading desk, Managing Director Cameron Crosby, shares the latest on the currency markets. We also answer a listener’s question about the neutral rate.If you have a question you would like to direct to the podcast, please email macromarkets@guggenheiminvestments.comRelated Insights:Macro Markets Podcast: Episode #13U.S. Economist Matt Bush analyzes the latest Fed announcement and labor and inflation data, Investment Strategist Maria Giraldo discusses credit risk while the Fed tightens, and Managing Director Chris Keywork updates on the bank loan market.Listen to Macro Markets Podcast Ep. 13Fed Aggressiveness Following Delayed Liftoff Sets Up 2023 CollisionThe risks of tightening into a downturn.Read Macro AlertCredit Returns in the Upcoming Fed Hiking CycleThe outlook for credit amid rising inflation, monetary tightening and war in EuropeRead High-Yield and Bank Loan ReportInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.