The NDR Fixed Income Allocation Strategy entered the month with elevated allocations to U.S. Treasurys and U.S. Investment Grade. U.S. Long-Term Treasurys’ is significantly above benchmark. None of the sector’s indicators are bearish. The U.S. Investment Grade Corporate bond sector’s allocation continues to be overweight. However, its indicators are weakening.

Click the link below to read more about the strategy’s positioning.

Full strategy commentary: NDRFIAS202108051

Other posts

A Reprieve, of Sorts

BY TEMATICA
A 90-day reset gives everyone some time to collect their thoughts Read more →

Thoughts From The Divide: The Right Time to Strike

BY JON WEBB
The saying is that one should wait until you see the whites of the enemy’s eyes before firing, but are there times when it’s worth waiting until you feel their breath? Case in point, the “whites” (losses) are certainly visible now in real estate debt, as we’ve highlighted in these pages, with the obvious consequences for owners of real estate debt. The latest data from the FDIC served to further highlight the obvious, warning that there are “63 ‘problem banks’ and $517 billion in unrealized losses” courtesy of higher rates hurting bank holdings of fixed income. Read more →

Thoughts From the Divide: When The Facts Change

BY JON WEBB
It has been a big news week. So much so that it’s quite hard to decide which was the biggest story. It’s certainly hard to ignore the announcement that Mr. Biden will not be running for re-election and has endorsed his VP, Kamala Harris. We generally try to avoid offering opinions on politics because a) it is not our day job and b) it’s a surefire way of making half your readers hate you. That said, we do think VP Harris’ exhortation to consider “What can be, unburdened by what has been” is good advice for both investors and policymakers. Read more →
Back to all posts →