Entering January, the fixed income allocation strategy continued to favor risk-on leadership and didn’t rebalance. The model remains overweight Emerging Market bonds, U.S. High Yield, U.S. Investment Grade Corporate, and U.S. Mortgage-Backed Securities. The model remains underweight U.S. Floating Rate Notes, U.S. Long-Term Treasurys, U.S. Treasury Inflation-Protected Securities, and International Investment Grade.
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Full strategy commentary: NDRFIAS202401041