Financial markets have continued to gyrate between growth and inflation concerns. We have taken advantage of volatile market moves to neutralise our short duration views. This was a high-conviction view held in portfolios through much of 2022. With US yields near 4% – some distance from 1.75% where portfolios were building positions earlier this year – the risk/reward from being short sovereign bonds is meaningfully reduced. This is a valuation-led move rather than a shift in our fundamental assessment.
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