At this stage of the economic and credit cycle we remain reasonably constructive about the prospects for the global corporate bond market but are taking a more defensive approach than a couple of years ago.
While the slow normalization of central bank policy continues to be an overarching theme, the introduction of new methods to achieve this—balance-sheet reduction by the Fed, for example, and a tapering of asset purchases by the ECB—could reintroduce volatility into what are now placid markets.
Bolstered by the commercial success enjoyed by the previous vintage, La Française Rendement Global 2022, and the relevance of this investment solution in the current interest rate environment, La Française is launching a new edition of its fixed maturity fund: La Française Rendement Global 2025.
Asset allocators are increasingly blending concentrated active strategies to achieve greater alpha within portfolios –but can focused portfolios also help cushion capital losses? Concentrated portfolios not only deliver outperformance but also help to navigate volatility over the long term.