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January 8, 2020
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Eric Green
Portfolio Manager

Avoiding the Pain Trade

A pain trade appears imminent for investment grade bonds, where the market delivers the maximum amount of pain to the most investors of an extremely popular asset class. At least according to credit spreads, which have historically indicated relative performance periods with high accuracy. Given the record high interest rate risk and low yield of investment grade bonds, it may be time to diversify core bond allocations with high yield credit.

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