Steady as We Go
Will Hobbs, Head of Investment Strategy, UK and Europe, talks to Nick Montgomery, Portfolio Manager, about what is going on below the surface of what appears to be another quiet month for markets.
With expectations of increased volatility following a subdued summer, Nick notes that despite a brief spike of activity ahead of the Fed and Bank of Japan meetings, volatility has failed to materialise significantly this month. He found that while developed government bond yield curves initially steepened, equity markets remained relatively unfazed by these bond shifts.
This month Nick has observed high yield credit outperform government bonds, generally due to their shorter duration. With portfolios maintaining a shorter duration bias, he confirmed that no changes were made to portfolios, which retain their tactical overweight to developed markets equities and high yield bonds
Download the graphs referred to [PDF, 47KB]
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