GFIS Model Bond Portfolio 2023 Outlook: The Focus Returns To Growth

In this report, we present our review of the BCA Research Global Fixed Income Strategy (GFIS) model bond portfolio for the full calendar year 2022 and the initial outlook for 2023. We envision a changed game plan for fixed income investing this year, as the focus of bond investors begins to shift from high inflation to slowing global growth. In this environment, asset allocation decisions between government bonds and spread product – rather than duration management – will represent the more important expected driver of bond portfolio performance.