fund manager views

Valuations across the bond market are looking expensive. The relationship between duration and yield is stretched to the extreme.

Despite a recent sell-off, $17trn in global bonds trade with a negative yield.

Market data is pointing towards a general increase in expectations of a recession in the next 12 to 18 months.

Recent history has been challenging for income-seeking investors.

For most of the world, the economic recovery from the Global Financial Crisis has been weak compared to previous cycles.

Japanese stocks have lagged their global peers so far this year, as uncertainty over US-China trade frictions and the impact on the global economy have clouded the outlook for corporate earnings.

Need for diverse portfolio return drivers

The worst case scenario for emerging market (EM) equities has started to unfold, turning a potentially positive outlook around by 180 degrees.

Bonds go down when equities go up, is the common perceived wisdom among investors.

Boris Johnson's arrival at Number 10 has done little to enhance UK investor confidence; he has wasted no time setting a collision course with the EU over his no-deal strategy, and members on the other side of the House of Commons.