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...The yield has been a significant draw for many investors who ploughed more than $50bn into the fund between 2017 and 2022, when rock-bottom interest rates meant there were few products that offered similar...
...High-yield issuance has also accelerated, rising 64 per cent year-on-year to $62bn — the highest total in three years....
...It released research in November indicating that investors lost out on more than two-thirds of the potential returns from thematic funds over the five years to June 2023 due to their tendency to buy high...
...But one by Janus Henderson is worth highlighting because it indirectly touches an interesting issue we’ve been thinking about....
...That pushed the discount rate as high as 17 per cent, its widest since the financial crisis....
...So the all-in yields are still pretty high because the Fed rate is still pretty high. It’s at a 20-whatever-year high....
...Investors poured record sums into high-yield bond exchange traded funds in November as investors rediscovered their appetite for risk....
...US-domiciled “spot” bitcoin exchange traded funds have garnered $31bn between them since their rollout in January, helping send the price of the digital token spiralling to an all-time high of $73,000 before...
...Unusually high temperatures have also hit production of coffee beans, providing another avenue for quant funds to profit....
...“US 10-year yields at 16-year highs show they have adjusted a lot, but we don’t think the process is over. We now turn tactically neutral as policy rates near their peak.”...
...High and volatile US treasury yields — which underpin pricing in financial markets — risk adding to global rate pressures....
.... — Bond indices are dumb; by weighting according to size it means a passive fund is tilted towards the most heavily-indebted countries and companies in the world. — Index funds don’t buy at issuance, which...
...The average premium — or spread — paid by high-grade issuers to borrow compared with the US Treasury narrowed to just 1.14 percentage points this week — the tightest level since February 2022....
...Private pension funds constitute half of the UK institutional market and the rise in bond yields since the pandemic is now delivering a double whammy to managers’ revenues....
...EFPR Global data indicates that net fixed income fund inflows have now crossed the $100bn mark — and, luckily for all bond managers, active flows are outpacing passive ones so far in 2024....
...“A fee skirmish broke out in high-yield index ETFs in July, when [Charles] Schwab entered the high-yield bond market at the same price as the lowest-cost high-yield bond ETF [State Street’s high-yield bond...
...But given the transformative nature of the treatment for a disease with a poor prognosis, the high list price has not held back sales for the pharma group....
...For the first time in what feels like a long while, 10-year US yields did not post a multi-decade high yesterday. They fell 9 basis points instead....
...Again you should be wary, as some of the actively managed UK index-linked gilt funds have high exposure to long duration, too, and do come with higher expenses than trackers....
...Last autumn, Treasury yields hit a 16-year high....
...“Dividend stocks have also looked more attractive as savings rates and bond yields have dipped.”...
...These funds did not appear at all in the previous tax year, when Legal and General Group, Aviva, Rio Tinto, Jupiter Asian Income — which focuses on high-yield Asian companies — and BAE Systems made up the...
...Private investors have piled into UK government bonds this year to lock in attractive yields as the Bank of England has kept interest rates at a 16-year high....
...and transaction costs are high.”...
...At nearly 12 per cent it dwarfs the 7.5 per cent that US high-yield bonds pay, and is close to the effective yield of super-junky triple-C bonds....
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