Fixed income perspectives
Our latest bond markets insights to help shape portfolios
In our Q4 2025 update, we discuss:
- Global growth is expected to moderate but remain positive through 2026. The global economy is navigating a complex transition and possible growth convergence, especially between the US and Europe.
- The Federal Reserve has pivoted to cutting interest rates as softening labour market data take priority over inflation.
- Valuations across fixed income sectors appear tight relative to history, while fundamentals and technicals remain supported by the policy and growth backdrop. We are focused on building resilience and balance in our portfolios while also positioning for a further steepening of the yield curve.
LONG-TERM THINKING
Ahead of the curve: strategic insights for bond investors
In our latest Ahead of the Curve piece, we discuss the ongoing convergence of growth between the US and the rest of the world, and what that backdrop could mean for fixed income investors.
AHEAD OF THE CURVE
Focus on fundamentals: The power of yield
Amid all the current noise, remember that starting yields remain high and can absorb a significant amount of near-term volatility.
Ahead of the Curve: Economic convergence and what it could mean for bond investors
Beyond mixed signals - A focus on Income
US debt and dollar dominance
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Risk factors you should consider before investing:
- This material is not intended to provide investment advice or be considered a personal recommendation.
- The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment.
- Past results are not a guide to future results.
- If the currency in which you invest strengthens against the currency in which the underlying investments of the fund are made, the value of your investment will decrease. Currency hedging seeks to limit this, but there is no guarantee that hedging will be totally successful.
- Depending on the strategy, risks may be associated with investing in fixed income, derivatives, emerging markets and/or high-yield securities; emerging markets are volatile and may suffer from liquidity problems.