Neuberger Berman argues that fixed income is becoming less about broad beta and more about exploiting divergence across markets.
- With rates near neutral and spreads tight, investors may need a broader opportunity set to find relative value across countries, curves and credit sectors.
- Global bond portfolios can reduce home-country bias while expanding exposure to different policy cycles, currencies and issuer bases.
- Declining correlations across global bond markets suggest diversification benefits are becoming more meaningful again.
As monetary regimes and fiscal paths increasingly diverge, global bonds may offer a more flexible way to rebuild resilience inside core fixed income allocations.
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