In this edition of Portfolio Perspectives, Edmond Klinke, Senior Portfolio Manager,  discusses how to achieve the benefits of a bond, while effectively positioning a portfolio for the next phase of the interest-rate cycle. With an upward trend in yields – and our underweight to government and investment grade bonds – Ed outlines the challenges investors face in mitigating against a normalisation of bond prices, while maintaining, in a portfolio, the attributes that once made the market so attractive in the first place.