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...Capital Group has tapped Mike Gitlin, its head of fixed income, to become its next chief executive, as the world’s largest active asset manager continues expanding beyond its roots in US equity funds....
...Exchange traded fund investors pumped record sums into fixed income and “quality” stocks last year as risk appetite jumped in the final months of 2023....
...Rico....
...“Cash and short-term fixed income are more attractive, structured products are coming back, and income products are more valuable.”...
...For our third Friday interview, we talked with Rick Rieder, head of fixed income at BlackRock, probably the most important bond investor in the world. He is responsible for some $2.4tn in assets....
...November’s outsized inflows more than reversed the cumulative $8.7bn of outflows from high-yield fixed income ETFs that occurred between August and October....
...The exclusions will also apply to fixed income funds, potentially precipitating a sell-off in the bonds of energy companies....
...“No one disagrees on the value of clean water,” Samy Muaddi, T Rowe Price’s head of emerging market fixed income investing, told me....
...This was reflected in the two most popular fixed income ETFs in October, the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and the iShares 20+ Year Treasury Bond ETF (TLT), which attracted $6bn and $2.9bn respectively...
...That has weighed on the valuations of publicly traded companies and prompted some portfolio managers to search for better returns in fixed income markets....
...Rick Rieder, chief investment officer of global fixed income at BlackRock, which manages $9.4tn, said he had become more pessimistic about the state of the US economy in recent weeks....
...“There’s clearly a hunger for new supply in high-yield,” said Andrzej Skiba, head of US fixed income at RBC Global Asset Management. Two sales this week signalled a shift....
...In its mutual fund range, Calamos runs hedge fund-like market neutral, long/short equity and hedged equity funds, alongside simpler equity and fixed-income vehicles and its convertibles strategies....
...Onshore Chinese deals in renminbi terms are mostly taken up by domestic lenders, said Freddy Wong, the company’s head of Asia-Pacific fixed-income investing....
...Rising interest rates dinged both the value of fixed-income investments and the fast-growing tech companies that dominate the stock market....
...By then the fixed income people had taken over, and they were a bit rough around the edges. This really wasn’t doing much for my credibility with these guys....
...His colleague, Olga de Tapia, HSBC AM’s global head of ETF and indexing sales, said the group had two investment platforms: “ETFs for equities and index funds for fixed income....
...If you’re not based in America, chances are you don’t know much about the municipal bond market — even if you’ve spent decades managing fixed income portfolios....
...“While it’s been going on for a while, I think we’ll look back on 2022 as the year mutual funds formally passed the baton to ETFs. The mutual fund is now dying as an investment vehicle....
...Fixed income funds tend to do a bit better, thanks to the inefficiency of bond markets and flaws in bond index construction....
...The offerings in the Rmb24tn industry — mostly bonds, money market funds and other fixed-income investments — had long been seen as risk-free with the promise of relatively high returns....
...fixed-income markets....
...“Ninety per cent of conversations with advisers are on the fixed-income side,” Barksdale said....
...In contrast, fixed-income mutual funds have seen global outflows of $277bn. “To me that’s the story. It’s really about fixed-income ETF growth....
...The more upbeat mood was evident in the fixed-income market, with total inflows hitting $34.2bn in October, 2.6 times September’s tally and within a whisker of 2022’s monthly high....
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