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Fixed Income

The depth and quality of our team supports a rigorous and repeatable investment process, which underpins a range of fixed income solutions across the risk spectrum.

View our latest fixed income investment insight and opinion

Here, our fixed income investment experts share our latest thinking on the current investment environment. Find out the factors and themes that we are monitoring and how this is being reflected across the portfolios we manage.

You can also find the latest monthly outlook from the team. This forward-looking summary includes an overview of recent market movements, as well as an outlook for all major fixed income sub-asset classes from core government bonds to high yield. There is also a Quant Appendix with the latest results from our credit beta, asset allocation and duration models.

Gilt markets look too bearish

After a summer in which global bonds lost ground for five weeks running, UK Gilt markets are pricing in yet further increases in rates. But the economic data suggest this view is too pessimistic.

Chart Room: The return of 60/40?

After getting upended for much of Covid era, the historically negative correlation between bonds and equities is showing signs of being restored, reviving notions of the traditional 60/40 portfolio.

Chart Room: Watching for cracks amid pressure on China’s local government finances

Several of China’s local government financing vehicles have made recent headlines for their struggles to service debts, rattling the country’s financial markets. But not all LGFVs are created equal.

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Risk warnings

  • Changes in currency exchange rates may affect the value of investments in overseas markets. 
  • Investments in emerging markets can be more volatile than other more developed markets. 
  • The value of bonds is influenced by movements in interest rates and bond yields. If interest rates and so bond yields rise, bond prices tend to fall, and vice versa. The price of bonds with a longer lifetime until maturity is generally more sensitive to interest rate movements than those with a shorter lifetime to maturity. The risk of default is based on the issuer's ability to make interest payments and to repay the loan at maturity. Default risk may therefore vary between different government issuers as well as between different corporate issuers. 
  • Private assets strategies do not offer any guarantee or protection with respect to return, capital preservation, stable net asset value or volatility. These strategies may invest in private or less liquid assets, which can be difficult to sell. As a result, it may be that investors are not able to redeem their investments when they want to. 
  • A focus on securities of companies which maintain strong environmental, social and governance (“ESG”) credentials may result in a return that at times compares unfavourably to similar products without such focus. No representation nor warranty is made with respect to the fairness, accuracy or completeness of such credentials. The status of a security's ESG credentials can change over time. 
  • Investors should note that the views expressed may no longer be current and may have already been acted upon.

Important information

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Unless stated differently, information dated as of August 2023.