Tad Rivelle

Tad Rivelle has served as TCW Group's fixed income chief for many years, managing one of the larger institutional active bond programs in the US. He is well known in fixed income circles for his regular commentary on credit cycles, identifying leverage build-up and risk-on/risk-off signals in bond markets ahead of major moves. His research letters on the credit cycle have influenced how institutional investors assess systemic risk in corporate bond markets. Rivelle combines top-down macro views with bottom-up credit analysis in managing TCW's core fixed income strategies. His framework for identifying late-cycle credit behavior — characterized by rising leverage, deteriorating covenants, and narrowing spreads — has been cited by institutional allocators as some of the most practically useful credit cycle analysis available from an active fixed income manager, bridging academic cycle theory with actionable portfolio positioning.