NDR Fixed Income Allocation Strategy October 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 Floating Rate Notes, Non-U.S. Investment Grade, and U.S. Long-Term Treasurys.

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

Full strategy commentary: NDRFIAS202210051

Other posts

C8 Hedge – Currency Compass – Election Special – November 2024

BY JON WEBB

The strong USD bias worked well for our FX models last month, with our dynamic hedge adding over 1% outperformance for EURUSD and GBPUSD, and over 3% for USDJPY. We note, however, that our models have now moved to neutral for the USD against the EUR and GBP, though still look for higher USDJPY. Reducing FX risk may well be sensible given the closeness of the US Presidential election, and doubts about the accuracy of polls. Though, as we note overleaf, late momentum now marginally favours Harris. Read more →

NDR Fixed Income Allocation Strategy March 2025 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

Thoughts From The Divide: Little Tweaks and Adjustments

BY JON WEBB

“I actually think we’re going to see inflation be choppy, and I expect that we’ll see employment stay robust.” As we noted back in May, “one swallow does not make spring”. But if we are to follow the advice of Keynes/Samuelson, when information changes, we should adjust our conclusions. Blast! The trick is, of course, balancing the two ideas to adjust conclusions when the evidence suggests such an adjustment is appropriate: you might call it Bayesian inference. The above quote from Bostic illustrates the problem, with the Atlanta Fed head implicitly stating that he will be ignoring any hot inflation prints. Read more →

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