Investment Grade

This week’s Special Report evaluates the reward and risk in corporate bonds. We address the question of whether low expected excess returns today are justified by low risk or an example of overvaluation.

Our Portfolio Allocation Summary for October 2025.

USD-denominated Emerging Market bonds have been outperforming US corporates for the past year. We don’t think the rally is exhausted yet.

Our Portfolio Allocation Summary for September 2025.

Our Portfolio Allocation Summary for August 2025.

Our Portfolio Allocation Summary for July 2025.

Our Portfolio Allocation Summary for June 2025.

Our Portfolio Allocation Summary for May 2025.

This year’s corporate bond sell off has hit high-yield more than investment grade, and high-yield spreads have turned relatively more attractive as a result.