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Fixed income markets: When the stars align
Flavio Carpenzano
Investment Director
Haran Karunakaran
Investment Director
Manusha Samaraweera
Investment Director
2024年9月9日
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Bonds are back has been a common refrain in financial markets for the last year or so and this sentiment has been validated by fixed income results. Global core bonds have returned 7.5% over the last 12 months, while global credit has been even higher, delivering 9.5% for investment grade and 15% for high yield1.


These results may cause some investors to wonder whether they have missed the boat; has the opportunity in fixed income passed? To that, our answer is an emphatic no; in fact, we believe the opportunity is just getting started. The combination of high starting yields and a supportive macro backdrop means the stars could finally be aligning for fixed income markets.


Bonds now offer compelling investment opportunities alongside continued lower inflation and central banks entering the easing cycle. They are also once again providing diversification from equities, as highlighted by recent market volatility. 


We favour higher-quality credit bonds, which we think could deliver high single — to low double — digit total returns over the next few years, driven by a combination of income and price appreciation from yields dropping.


Yields are similar to 2023 levels, but inflation is significantly lower

Yields are similar to 2023 levels, but inflation is significantly lower

Past results are not a guarantee of future results.

Data as at 31 July 2024. Source: Bloomberg. Index: 10-year US Treasuries, Bloomberg Global Aggregate Corporate Index, Bloomberg US High Yield 2% Issuer Cap Index and JP Morgan EMBI Global Diversified Index. US CPI is based on the latest available print on 11 January 2024. CPI: Consumer Price Index. HY High Yield, EM HC: Emerging Markets Hard Currency. UST: US Treasury

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1. As of 30/8/2024. Based on Bloomberg Global Aggregate Total Return USD Hedged, Bloomberg Global Aggregate Corporate Total Return USD Hedged and Bloomberg Global High Yield Total Return USD Hedged indices respectively.


Flavio Carpenzano is an investment director at Capital Group. He has 19 years of industry experience and has been with Capital Group for three years. Prior to joining Capital, Flavio worked as a fixed income senior investment strategist at AllianceBernstein. Before that, he was a product manager at PIMCO focussed on credit strategies. His early career also includes a role at the Bank of England as an analyst in the markets department. He holds a master's degree in finance and economics from Università Bocconi. Flavio is based in London.

Haran Karunakaran is a fixed income investment director at Capital Group. He has 19 years of industry experience and has been with Capital Group for three years. Prior to joining Capital, Haran worked as a senior vice president and fixed income strategist at PIMCO. He holds an MBA from London Business School and a bachelor's degree in commerce, majoring in finance and economics, from University of Sydney. He also holds the Chartered Financial Analyst® designation. Haran is based in Sydney.

Manusha Samaraweera is a fixed income investment director at Capital Group. He has 14 years of industry experience and joined Capital Group in 2023. Prior to joining Capital, Manusha worked as a vice president, fixed income and ESG strategist at PIMCO. He holds a double bachelor's degree in finance and law from the University of Sydney, Australia. He also holds the Chartered Financial Analyst® designation. Manusha is based in Singapore.

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