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Fixed Income Monthly
Investment Solutions - Fixed Income

Dear Investors,


Please find below the latest edition of the Fixed Income monthly as of November 2019.


Key Highlights


The improving prospects of de-escalation in the trade tensions between the US and China are leading us to turn more constructive on global economic activity. We feel comfortable increasing the risk level of our portfolios into year-end, by tactically reducing cash and increasing high yield in our allocation.


On balance, incoming economic data suggests that the slump in manufacturing and trade has not yet affected the service sector and thus, the wider economy. Labour markets are proving resilient to this slow process of erosion, keeping yields from falling.


Resilient fundamentals and current market conditions have not derailed spreads, which remain supported by investors’ search for yield and central bank policies. BBB and BB segments remain the sweet spot and the best way to gain exposure to decent carry to close the year.

Emerging debt:

Liquidity injections by the Fed and lower rates are supportive for risk sentiment and credit. We are constructive on EM corporate debt into year-end, despite slowing economies and social unrest in several countries. We remain cautious on local debt.

Issuer preferences:

Over the month, we made no substantial changes to our issuer preferences.


With kind regards,


The Investment Solutions Fixed Income Team

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