Equity-like returns and a favourable outlook ahead: now is the time for bonds

LiveWire

08/04

Tariffs have been the theme of 2025 and the source of much volatility across markets. While investors have been caught up in equity movements, the bond market has been surprisingly ‘well behaved’ and ...

网页链接

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

1
2
3
4
5
6
7
8
9
10

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2556873688"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2556873688\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2556873688?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-08-04 04:00","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2556873688","market":"nz","top_or_hot":-1,"title":"Equity-like returns and a favourable outlook ahead: now is the time for bonds","media":"LiveWire","content":"<div>\n<p>Tariffs have been the theme of 2025 and the source of much volatility across markets. While investors have been caught up in equity movements, the bond market has been surprisingly ‘well behaved’ and ...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/equity-like-returns-and-a-favourable-outlook-ahead-now-is-the-time-for-bonds\">网页链接</a>\n\n</div>\n","source":"livewire_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Equity-like returns and a favourable outlook ahead: now is the time for bonds</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEquity-like returns and a favourable outlook ahead: now is the time for bonds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-04 04:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.livewiremarkets.com/wires/equity-like-returns-and-a-favourable-outlook-ahead-now-is-the-time-for-bonds><strong>LiveWire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tariffs have been the theme of 2025 and the source of much volatility across markets. While investors have been caught up in equity movements, the bond market has been surprisingly ‘well behaved’ and ...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/equity-like-returns-and-a-favourable-outlook-ahead-now-is-the-time-for-bonds\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4215","symbol_name":"住宅房地产投资信托","start_time":0,"source_url":"https://www.livewiremarkets.com/wires/equity-like-returns-and-a-favourable-outlook-ahead-now-is-the-time-for-bonds","article_id":"2556873688","we_media_id":null,"thumbnails":[],"rights":{"source":"livewire_stock","url":"https://www.livewiremarkets.com/wires/equity-like-returns-and-a-favourable-outlook-ahead-now-is-the-time-for-bonds","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2556873688","pubTimestamp":1754251206,"columns":[],"sourceInfo":{"source_id":"livewire_stock","name":"Livewire Markets"},"weMediaInfo":null,"summary":"Tariffs have been the theme of 2025 and the source of much volatility across markets. While investors have been caught up in equity movements, the bond market has been surprisingly ‘well behaved’ and has offered strong performance across the past year.In fact, it may surprise many investors to realise that core bonds returned between 8% and 9% for the last financial year. In other words, equity-like returns for a typically more defensive investment.Robert Mead, Co-Head of Asia-Pacific Portfolio Management at PIMCO, notes that this result has come without the attention typically seen in the core space.“It shouldn’t be that surprising for investors, given about 95% of expected returns from core bonds over the next three to five years is explained by the starting yield.When starting yields are high like they are now, it’s not surprising that bond returns are also high,” Mead says.Even better, that same trade policy fragmentation that continues to drive news cycles could be a tremendous so","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4215":"住宅房地产投资信托","EQR":"资产住宅公司","BK4585":"ETF&股票定投概念","BK4588":"碎股"},"translate_title":"类似股票的回报和良好的未来前景：现在是债券的时候了","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EQR":1},"content_text":"Tariffs have been the theme of 2025 and the source of much volatility across markets. While investors have been caught up in equity movements, the bond market has been surprisingly ‘well behaved’ and has offered strong performance across the past year.\nIn fact, it may surprise many investors to realise that core bonds returned between 8% and 9% for the last financial year. In other words, equity-like returns for a typically more defensive investment.\nRobert Mead, Co-Head of Asia-Pacific Portfolio Management at PIMCO, notes that this result has come without the attention typically seen in the core space.\n“It shouldn’t be that surprising for investors, given about 95% of expected returns from core bonds over the next three to five years is explained by the starting yield. \nWhen starting yields are high like they are now, it’s not surprising that bond returns are also high,” Mead says.\nEven better, that same trade policy fragmentation that continues to drive news cycles could be a tremendous source of opportunity for active investors in this space.\nIn this interview for Livewire’s Income Series, Mead shares how investors can take advantage of trade policy fragmentation to make the most of higher yields, the outlook for bonds, and why investors need not fear a repeat of the breakdown of the negative correlation between bond and equity returns seen in the pandemic era.\nReturns in a challenging backdrop\nMead points out that there has been a “stunning” movement in rates over a short period of time that bond investors have had to deal with.\n“It was only three years ago or through the post-pandemic period where the 30-year bond yield in the US was 1.5%, now it’s 5%, so yields have moved a long way,” Mead says, pointing out that inflation now appears to be under control and we are moving into an easing cycle.\n“While we’ve started into a central bank cutting cycle in most jurisdictions, at the same time yield curves have been steepening. \nThe yield across a bond fund has barely changed from a year ago. Looking forward, it’s actually a pretty rosy picture as well,” he says.\nOver the past few years, investors have also had to contend with debt, sustainability, and the volume of government bonds being issued as considerations when investing in the bond market. And, of course, increased geopolitical uncertainty, including around trade policies, with a “daily news flow that is quite random at times.”\n\n\n\n\n\n\n\n\n\nLivewire's James Marlay interviewing PIMCO's Robert Mead \nMonitoring government debt\nIn an environment of unprecedented debt levels – the US is currently running a $37 trillion deficit – investors may have concerns about the bond market. \nMead believes they are sustainable and there will always be a buyer base willing to fund most governments. It all comes down to the price of the debt.\n“There’s no surprise that when you run big fiscal deficits, interest rates go up, yield curves steepen as investors want more premium for uncertainty, or more premium for increased supply. Coming back to the 30-year yield number of 5%, that is already reflecting what the market can see is coming down the pike in terms of issuance,” Mead says.\nOf greater concern to Mead is that large deficits in a positive growth environment mean a lack of reserves for the other side of the growth trajectory.\n“It means that central banks have to do all the heavy lifting again, because the fiscal authorities have less firepower given they’re already running large deficits, especially in the US,” he says.\nMead notes that investors have not pivoted enough to take advantage of the complete repricing of yields in the wake of government debt and adjustment in interest rates – he expects to see significant rebalancing of portfolios going forward.\nFears of a repeat of positive correlations between equities and bonds\n“If you look at the data over the long run, it’s true that when inflation is above central bank targets, correlations of all assets go up,” says Mead.\nAccording to Mead, however, investors concerned about the diversification benefits of bonds versus equities need not worry in the current environment. With inflation back within target ranges, the lower correlations should establish themselves.\n“That’s where we are right now. To build an efficient portfolio, correlations don’t need to be negative, they just need to be low and they are now low. \nIt’s an opportune time to be diversifying not just into bonds, but into a range of different risky assets,” he says.\nInvesting through repricing and trade fragmentation\nGoing forward, Mead encourages investors to consider the changing global dynamics and link them to pricing. He reminds that tariffs are typically inflationary for the country implementing them and deflationary for the rest of the world. \n“As a bond investor, you want to be thinking about where you’re getting the best real returns. The rest of the world is starting to look more attractive than the US, even though US yields are much higher,” Mead says.\nFor example, he explains that investors who foresee a lot of supply where a higher yield will be required will want to invest further down the yield curve.\n“You want to be around the five or seven-year part of the curve, take advantage of the fact that central banks are still cutting and generate some capital gain through the concept of roll down in the curve,” Mead explains.\nWhile bonds have had a good year, Mead believes positive returns are far from over, and it’s a great opportunity to generate alpha well above the index for active managers. This is in an environment where he’s seeing attractive returns for the index itself (given high starting yields as mentioned earlier). Better yet, it’s a theme for coming quarters and years.\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}