Global Fixed Income Strategy

Strategy Report

Our Model Bond Portfolio Strategy For 2021: Leaning Into Reflation

06 Jan 2021

BCA Research | Global Fixed Income Strategy

Global Fixed Income Strategy, US Bond Strategy, Foreign Exchange Strategy, and Commodity and Energy Strategy.

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Contents

Executive Summary / Insight
A Review Of The 2020 Model Bond Portfolio Performance
Top-Down Bond Market Implications Of Our Key Views
Overall Portfolio Duration Exposure: MODERATELY BELOW BENCHMARK
Government Bond Country Allocation: OVERWEIGHT LOW YIELD BETA MARKETS, OVERWEIGHT PERIPHERAL EUROPE, UNDERWEIGHT THE US
Inflation-Linked Bond Allocations: MAINTAIN EXPOSURE IN THE US, ITALY AND CANADA; ADD A NEW ALLOCATION TO FRANCE
Spread Product Allocation: OVERWEIGHT GLOBAL CORPORATES VERSUS GOVERNMENT BONDS, FOCUSED ON US HIGH-YIELD AND EM
Overall Portfolio Risk: AGGRESSIVE
Portfolio Scenario Analysis For The Next Six Months
Footnotes
Appendix
The GFIS Recommended Portfolio Vs. The Custom Benchmark Index
Duration
Regional Allocation
Spread Product
Global Bond Yields
Historical Returns

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Topics covered

Money/Credit/Debt Corporate Bonds Economic Growth Sovereign Debt Economy Fiscal Inflation/Deflation Monetary Policy Developed Countries Gov Sovereigns/Treasurys Inflation Protected Fixed Income