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GOLDEN RULES

Yields have failed to rise in line with expectations, but bonds remain a crucial asset class for any investor building a yield-generating portfolio, explains Chris Iggo, CIO fixed income, Axa Investment Managers

Axa Investment Managers

The improved macro trend of the last year or so suggests a bottoming out in the rate of nominal GDP growth and the consequent bottoming of bond yields. However, Chris Iggo, Axa Investment Management’s chief investment officer for global fixed income, warns against expectations of a massive rise in bond yields.

“The consensus view is that yields are ‘too low’ and the tendency should be for them to rise, but by how much and driven by what? Sure, short-term considerations about synchronised global growth, the potential for fiscal stimulus in the US, the Fed’s tightening plans and higher headline inflation all point to higher yields.

‘However, if the longer-term trend is not towards higher rates of nominal growth, then the extent to which yields will rise is likely to be limited.’

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