MBS

Our US fixed income team’s key investment views for 2024.

Our Portfolio Allocation Summary for December 2023.

Our Portfolio Allocation Summary for November 2023.

The recent bear-steepening of the US Treasury curve has been driven by the combination of stronger-than-expected economic growth and stable Fed rate expectations. Historically, such periods do not last very long, and we see the current bear-steepening episode ending soon. We also highlight an opportunity in Agency MBS.

We present our Portfolio Allocation Summary for October 2023.

A discussion of today’s FOMC meeting and its investment implications.

Our Portfolio Allocation Summary for September 2023.

Our Portfolio Allocation Summary for August 2023.

In this report, we present our performance review of the BCA Research Global Fixed Income Strategy (GFIS) model bond portfolio for the Q2/2023, and the outlook and scenario analysis for the next six months. The portfolio return exactly matched that of the benchmark index during the quarter, as modest gains on government bond allocations in the US, UK and core Europe completely offset losses on spread product underweights. Looking ahead, the portfolio is positioned to capitalize on an expected slowing of global growth over the rest of the year through an overweight stance on government bonds versus spread product and above-benchmark duration tilts in the US and core Europe.