Seeking opportunities through call options in active ETFs (2)
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Rolling into bonds again
With inflation starting to cool and growing signs that global central banks are approaching the end of their hiking cycles, bonds are presenting income and diversification opportunities.1
As illustrated2 below, government bond yields are rising to decade highs and valuations are in general, relatively compelling. Fixed income is resuming its traditional role in portfolios while managing risk3.
2. Source: J.P. Morgan Asset Management; (LHS) FactSet, Tullett Prebon; data as of 30.06.2023. (RHS) Bloomberg, J.P. Morgan Asset Management, data as of 31.05.2023. Chart indicates the calculated total return achieved by purchasing US Treasuries at the current yield and selling at the end of 2023 given various changes in yield. Past performance is not a reliable indicator of current and future results. This information is provided for illustrative purposes only to demonstrate macro trends, not to be construed as offer, research, investment recommendation or advice. Forecasts/Estimates may or may not come to pass.
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Unpacking Fixed Income - Outlook
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No benchmarks, no biases, no borders
For some bond strategies, we employ a flexible, global fixed income investment approach that can help investors, depending on their investment objectives and risk appetite, capture income opportunities as bond markets recover, while managing uncertainties such as the path of interest rates and inflation.
Without a benchmark as a starting point and free from bias to any region or sector, such an approach allows investors to explore all avenues to seek total return, income and volatility management, with investment managers dynamically adjusting asset allocation and duration4 as market conditions evolve.
At J.P. Morgan Asset Management, our cross-sector expertise and deep research resources enable us to invest across the global bond universe, building dynamic fixed income portfolios for a range of risk appetites and goals. Our disciplined investment process combines top-down and bottom-up analysis, with a common research framework to integrate ideas.
A truly global investment platform
Leverages a broad global platform of 300+ fixed income investment professionals in five locations5 to identify high-conviction ideas across multiple fixed income sectors.
Dynamic asset allocation
Experienced portfolio managers set and dynamically adjust asset allocation and duration4 as market conditions evolve.
Rigorous risk management
With no benchmark as a starting point, we take a holistic and rigorous approach to risk3.
Your partner for fixed income
J.P. Morgan Asset Management presents fixed income solutions that spans the risk spectrum, underpinned by the deep resources and rigorous research of a truly global platform5.
5. Source: J.P. Morgan Asset Management, data as of 31.12.2023. Includes portfolio managers, research analysts, traders and investment specialists with VP title and above.
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Diversification does not guarantee investment return and does not eliminate the risk of loss.
1. For illustrative purposes only based on current market conditions, subject to change from time to time, and are not to be construed as offer, research or investment advice. Not all investments are suitable for all investors. Exact allocation of portfolio depends on each individual’s circumstance and market conditions.
3. Risk management does not imply elimination of risks. Provided to illustrate the investment process. Dividend or returns are not guaranteed. Please refer to offering documents for details on distribution policy.
4. Duration is a measure of the sensitivity of the price (the value of the principal) of a fixed income investment to a change in interest rates and is expressed as number of years.
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