Best Ideas: Bonds’ appeal amid peaking rates

Marketing Communication - For Professional Clients Only  

Bonds’ appeal amid peaking rates

As the growth picture deteriorates, with inflation coming down, investors should price in rate cuts for 2024. In this scenario, owning duration could be rewarding, both from capital appreciation and yield perspectives. Nevertheless, timing is essential. In addition, the recent downward movement in yields has indicated that investors should remain active and flexible.

In credit markets, the focus should be maintained on quality, with a preference for investment grade, and also for higher credit quality within the high yield space. Fundamentals show some deterioration, but credit metrics still look sound from a historical perspective, mainly thanks to positive margins supported by higher pricing power and lower input costs. 

With expectations of an upcoming slowdown in US and Europe, it is all the more important to focus on high quality companies that would be able to absorb the higher interest rate burden and pressures on cash flows.


Our Best Ideas fund selection
Amundi Funds Global Aggregate Bond 

Leveraging an active and flexible approach,

the fund aims to capture opportunities across the broad global aggregate universe; this is enriched by active currency management, which aims to provide an opportunity to generate additional performance. 

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Amundi Funds US Bond 

The fund employs an opportunistic core

fixed income strategy, by investing the majority

of the portfolio across a broad range of US fixed income asset classes.

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Amundi Funds Global Corporate Bond

The fund aims to generate returns by actively investing in the global corporate bond universe. Unbiased by style and region, it has the ability to seek the best investment opportunities wherever they exist across the globe, leveraging off local experts and research teams.

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Money Market Funds / Ultra  Short Term Bond Range

These products represent an attractive solution

for investors looking to store cash and manage their short term liquidity needs.

They invest in high quality instruments and are managed in strict compliance with predefined rules.

Amundi E Liquidity Short Term SRI

Amundi E Liquidity-rated SRI

Amundi E Ultra ShortTerm Bond SRI

Amundi Funds Cash EUR

Amundi Ultra Short term Bond SRI

Amundi Ultra ST Green Bond

Amundi Funds Montpensier Global Convertible Bond

Seeking to deliver a performance linked to global convertible bond markets, the fund aims to provide investors the potential to benefit from the asymmetric return profile of this type of instruments, able to capture markets’ upside during rallies while limiting the downside in declining periods.

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Amundi  Funds US Corporate Bond

The fund aims to capture investment opportunities in US corporate issuers with defensible, long-term business models, characterised by attractive valuations and alignment between investors and management.

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Return to Best Ideas key themes

Discover our Best Ideas Themes   

Seek resilience in equities

In the current scenario, a selective approach should be maintained, while exploring value, quality, dividend-oriented names in developed and emerging markets.

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EM winners in a fragmented world

In an environment of weak global demand, the premium in favour of EM vs DM is projected to continue widening. In our view, there are structural factors at play that support EM.

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Dynamic asset allocation when tides are turning

The current market framework remains uncertain entering into 2024; starting with a conservative allocation including hedges should be favoured, as well as adding diversification* by investing in alternative assets and strategies (gold, volatility).

Learn more

Energy transition and structural themes

Energy transition remains the top focus when it comes to ESG. Other relevant themes include sustainable infrastructure, water, sustainable buildings, green bonds, ageing population, AI and water management.

Learn more

*Diversification does not guarantee a profit or protect against a loss.

Source of investment views and convictions: Amundi Investment Institute, “2024 Investment Outlook – Steering through turning tides”, “Global Investment Views – January 2024”

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Date of publication: 5 February 2024
Doc ID: #3369071

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