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Focus on fixed income and credit

Portfolio construction in a paradigm shift

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Investors have access to some of the best opportunities in fixed income and credit not seen in a decade. How can they take advantage of higher yields in these turbulent market conditions?

The tide may be turning in fixed income, and investors are poised to reorient their fixed income and credit exposures to take advantage of higher bond yields. Following a paradigm shift in 2022 when developed market monetary policies reversed course to manage inflation, yields have spiked to attractive levels. Yet, much uncertainty remains and previous assumptions about risk-return characteristics are behaving differently.

How should investors think about the risk and opportunities in the context of meeting target investment outcomes in their portfolio? We examine this question from the perspective of several different strategies within fixed income and credit:

  • Direct lending
  • China and emerging market debt
  • Investment grade
  • High yield
  • Systematic
  • Cash

This paper aims to help investors navigate the opportunities by highlighting how macro conditions impact portfolio construction, how targeted outcomes influence investment decisions, and how considerations such as diversification, credit risk and duration management are evolving.

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  • The value of investments and the income from them may fall or rise, so investors may get back less than the amount invested.
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  • Foreign currency investments are subject to exchange rate fluctuations.
  • Funds promoting environmental and/or social characteristics have a focus on securities of companies that take sustainability features into account. This may have a positive or negative impact on performance, even compared to investments that do not have such a focus. The sustainability characteristics of securities may change.

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