NDR Fixed Income Allocation Strategy March 2022 Update

The NDR Fixed Income Allocation Strategy, Positioning Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy entered the month with elevated allocations to U.S. Treasurys, Floating Rate Notes, and International Investment Grade.

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

Full strategy commentary: NDRFIAS202203021

Other posts

MI2 Partners Thoughts From The Divide: All Time High

BY JON WEBB

All-time highs are often telling macro signals. Is it possible there might be a connection between the recent ATHs in Bitcoin and long JGBs? Some reports pointed to the US credit downgrade and Trump’s tax bill igniting fiscal worries. First of all, no macro trader ever sold a bond because of a credit downgrade and second, given S&P and Fitch had downgraded long before, it’s very hard to think of it as a surprise. Read more →

C8 Currency Compass – “Don’t be a PANICAN” Pres Trump – April 2025

BY JON WEBB

After the tariff announcement, there was an initial USD drop on the risk that the US finds itself isolated, then a flight to the USD on risk aversion. Interestingly, our FX models, which have been bearish on the USD since the start of January, are broadly positive USD for April. In particular, reversing to short positions in AUD and NZD, which as commodity producers are most impacted by increasing recession risks. In the medium term, the USD remains vulnerable, with a weaker USD seemingly a policy goal for the Administration, but, as the shock of the tariff announcements work through the markets, the USD can have a period of strength first. Read more →

Thoughts From The Divide: Disappointment

BY JON WEBB

The Nvidia results were eagerly awaited. This was entirely natural as Nvidia’s performance accounts for about 1/3 of the YtD gains on the S&P500. However, the results were not well received, which might be considered puzzling given Nvidia’s quarterly numbers met or beat analysts’ estimates on nearly every measure. The problem was not the numbers but what was expected: the “whisper” number. Nvidia investors have grown accustomed to blowout quarters, and these latest numbers were not blowouts. Read more →

Back to all posts →