How to think about bonds in this new world

Dear voornaam,

After the global financial crisis (GFC) in 2008, investors reduced their allocation to bonds, and broadly remained underweight the asset class for more than a decade. In 2022 the long period of accommodative central bank policy came to an end as inflation accelerated. The shift in the macroeconomic environment means that for the market cycles ahead of us, it is important for investors to look at fixed income allocations differently.

Key takeaways include:

•	How central bank monetary policy led to bond yields falling significantly post-GFC
•	Why policy is now normalising
•	The key attributes that enable fixed income to play a core role in portfolios

Above the cloud: Investment opportunities across the value chain

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