US Bond Strategy

Portfolio Allocation Summary

Bonds Have Value Above 4%

06 Mar 2023

by Ryan Swift, Chief Strategist

This week we present our Portfolio Allocation Summary for March 2023.

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This service assumes the posture of a US fixed-income portfolio. We make recommendations for portfolio duration and fixed-income sector allocation.

Contents

Executive Summary / Insight
Investment Grade: Underweight
High-Yield: Underweight
MBS: Underweight
Emerging Market Bonds (USD): Underweight
Municipal Bonds: Overweight
Treasury Curve: Buy 5-Year Bullet Versus Cash/30 Barbell
TIPS: Overweight
ABS: Overweight
Non-Agency CMBS: Neutral
Agency CMBS: Overweight
Appendix A: The Golden Rule Of Bond Investing
Appendix B: Butterfly Strategy Valuations
Appendix C: Excess Return Bond Map
Footnotes

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Topics covered

ABS High-Yield Valuations Corporate Bonds Financial Markets CMBS Developed Countries Gov Sovereigns/Treasurys MBS Inflation Protected United States Munis/S&L tax exempt Securitized Products Yield Curve Emerging Markets Fixed Income Sectors