After a flurry of headlines and announcements from the annual World Economic Forum in Davos in January, one key message is likely to survive after most of the speeches have been long-forgotten; The world is facing a rupture in the international order.
Fixed income has been transformed by advances in market structure, trading technology, and portfolio design-and the pace of change continues to accelerate. These developments are expanding what the asset class can deliver for institutional investors.
Emerging market fundamentals remain robust, but broader global macroeconomic developments are leading us to a more selective approach to positioning portfolios.