Corporate Bonds

Our Portfolio Allocation Summary for October 2025.

Structural tailwinds help explain tight credit spreads. In Europe, we see room for further tightening. Stay underweight US credit amid cyclical risks, but upgrade Euro Area IG to overweight and HY to neutral.

USD-denominated Emerging Market bonds have been outperforming US corporates for the past year. We don’t think the rally is exhausted yet.

Our Portfolio Allocation Summary for September 2025.

Our Portfolio Allocation Summary for August 2025.

Our Portfolio Allocation Summary for July 2025.

Investors should modestly underweight equities in their portfolios and look to turn more aggressively defensive once the whites of the recession’s eyes are visible. We think that will happen within the next few months.

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.