Bonds no longer a default safety bet

While equity managers are largely moving towards the "good stockpicking opportunities in difficult m...

While equity managers are largely moving towards the "good stockpicking opportunities in difficult markets" line, it is difficult to find any meaningful consensus on bond markets at present. The fact this comes as advisers are beginning to shift back into bond funds after massive outflows last year is a troubling development. Among the sector's best managers, the most bearish believe liquidity in the credit market is on the verge of drying up and funds may have to follow property vehicles in limiting redemptions if problems continue. Meanwhile, the more bullish individuals are throwin...