Bonds

OCF of 0.50%

Fed cutting down on bond purchases

Launched New York base in 2016

Worst-selling equity region

Half of fund matures within three years

Pressure on institutional investors driving industry short-termism

European high yield attractive

Targets 'the three Cs'

Managed by Rick Rieder

We expect the Federal Reserve to maintain its gradual tightening as the US economy extends its growth phase, with short-term rates likely to rise at least three more times to reach 2.5% by next year.