At a global level we’ve seen over a decade of nominal bond returns wiped out for the first time since the early 1950s. Therefore this seems a good time to discuss fixed income, and to do so with PGIM Fixed Income, who manage $790 billion in bonds (as of 30/06/22).
At a global level we’ve seen over a decade of nominal bond returns wiped out for the first time since the early 1950s. Therefore this seems a good time to discuss fixed income, and to do so with PGIM Fixed Income, who manage $790 billion in bonds (as of 30/06/22).
In this episode, Greg explains his perspective of the flaws in the 60/40 model, before reviewing the question of whether and where the bond rout has created opportunity across the spectrum. He discusses government, corporate credit, emerging market debt, and index-linked bonds.
He describes why the Fed may remain more hawkish than consensus believes, why restoring “yield” is a good thing, and explains how active fixed income management has delivered more consistent outperformance versus benchmarks (unlike the world of equity management!).
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