Causer and Read: Our biggest challenges over the past 20 years

Like Investment Week, the fixed interest team at Invesco Perpetual is celebrating 20 years since they began to manage money. Here, the group's fixed interest team give an overview of running a bond fund through two decades of change.

It has been quite a journey for the fixed income asset class since 1995. Twenty years ago, many clients needed us to explain the basics of how bonds work; now they as often have complex questions about balance sheet structure or capital adequacy. The past few years have been good for most of the fixed income asset class. Low growth and extraordinary levels of monetary stimulus have pushed down yields to record levels. But while this has been great for returns, it also presents a challenge for the future. With so little capital upside available, and the risk of loss in the event of eve...