Corporate Bonds

2025年8月のポートフォリオ配分概要。

2025年7月のポートフォリオ配分サマリー。

投資家はポートフォリオにおいて株式を控えめにアンダーウェイトにし、不況の具体的な兆しが見え次第、より積極的にディフェンシブな姿勢に転じるべきです。私たちはこれが数ヶ月以内に起こると考えています。

The ECB is changing its tone, but don’t call it a pivot. Slower cuts, sticky disinflation, and a soft growth patch shift the opportunity set. We break down the tactical bond trades and why EUR/USD dips are still for buying.

Our Portfolio Allocation Summary for June 2025.

Our Portfolio Allocation Summary for May 2025.

This year’s corporate bond sell off has hit high-yield more than investment grade, and high-yield spreads have turned relatively more attractive as a result.

US Treasuries typically outperform both equities and global government bonds during downturns. Recent political shifts could lessen that outperformance this cycle, but we doubt it will disappear completely.