Senior Portfolio Manager, Matt Day, discusses Mondrian’s real yield approach to identify dislocations in bond markets and the current opportunity for active bond positioning.
Senior Portfolio Manager, Nigel Bliss, reviews how the market and portfolio performed, including stand-out holdings, and our outlook in this quarterly update video.
Watch as Andrew Miller, CIO-Emerging Markets Equities, provides an outlook for emerging markets including views on China shareholder returns, current portfolio positioning and where we see opportunities going forward.
Central to Mondrian’s fixed income process is a measure called the Prospective Real Yield (PRY). A market’s PRY is defined as its 10-year government bond yield minus our proprietary inflation forecast for that market and sovereign credit risk.
China’s economic challenges have been well documented. The hoped for economic rally following the opening up of the country post the almost three years of Covid disruption has failed to materialize.
The most recent IMF forecasts for world growth estimate 3% real GDP growth for this year and next year, with the US economy avoiding a recession. While projected global growth is low against pre-pandemic history, most investors would be relieved to escape that easily.
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