Bond yields, though down from their highs, are still at attractive levels compared to the last 10 years, in our view.
Rising market and macroeconomic volatility has led us to reduce the fund's risk positioning as we choose to be more cautious as uncertainty unfolds.
Earnings growth, stable credit fundamentals, record issuance and improved valuations due to wider yield spreads among US investment-grade bonds could create more attractive buying opportunities, potentially benefiting tactical and sophisticated credit investors.
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Manager perspective and outlook
Market sentiment appeared mixed during the quarter: the period began with a positive outlook for global economic growth but escalating geopolitical conflict in the Middle East seemingly led investors to lower
