Central banks are in a dilemma whether to prioritize supporting growth or bringing inflation back to target. This is unlikely to end well. Investors should be defensively positioned.
In this report, we present our quarterly review of our Model Bond Portfolio. The anti-growth bias of the portfolio allocations hurt the portfolio performance in Q1/2024 as global growth surprised to the upside. However, we anticipate…
Our Portfolio Allocation Summary for April 2024.
According to BCA Research’s European Investment Strategy service, investors should favor Italian BTPs over Euro Area IG until there is a better entry point to add exposure to BTP-bund spreads. The team’s latest…
The global economy is wobbling precariously between slowing growth and reaccelerating inflation. This is unlikely to end well. Stay cautious, and hedge against both recession and inflation.
We expand our risk/reward analysis of US investment grade corporate bonds to focus on the 44 industry groups included in the Bloomberg index.
In this Strategy Outlook we examine why, contrary to popular perception, the odds of a global recession over the next 12 months are rising not falling.
A risk/reward ranking of the 10 major US investment grade corporate bond sectors.
US Investment grade and high yield spreads have tightened 39 and 133 bps since their October 2023 highs, resulting in the outperformance of both fixed income sectors relative to equivalent-duration Treasuries. Still robust…
Our Portfolio Allocation Summary for March 2024.