The changing role of duration in an ultra-low yield world
Ultra-low yields fundamentally change the risk vs. reward proposition of government bonds.
Insights
Long term bonds – relative value and risk in a low yield world
Australia extends its yield curve to 2051. The issue received record interest from global investors and highlights the importance of yield curve shape and global relative value dynamics for investors.
Corporate bonds unlimited?
Is central bank support for corporate bond markets truly unlimited? Our sense is decidedly not.
Diversification lessons from the March quarter
The perception and the reality of portfolio diversification can turn out very different in adverse market environments.
Inflation Linked Bonds 101
We explain the mechanics of inflation protection and how to identify relative value opportunities.
Vanishing yield cushions and the asymmetry of duration risk
It is widely assumed that government bonds are inherently ‘safe’ investments but this assumption is no longer so reliable.
Liquidity lessons from March
Liquidity often gets little attention until something goes wrong … and in March 2020 things certainly went wrong.
Fiscal is the new black ( …until the bond vigilantes return )
Government bond markets are now at the precipice of a paradigm shift.
Extreme volatility; where can investors take shelter?
In a market where every asset class seems to be at the mercy of volatility, investors are left wondering if there are any real safe havens anymore.
Where to find truly uncorrelated returns
For several decades now, the correlation between asset prices has generally been increasing.