Investment Grade

Corporate health remains supportive of tight credit spreads in both the US and Europe, but a growing divide is emerging beneath the surface. Investment-grade issuers continue to strengthen, while lower-rated borrowers face mounting pressures. Credit markets are pricing resilience, leaving investors vulnerable should corporate fundamentals begin to deteriorate.

Our Portfolio Allocation Summary for June 2026.

Our Portfolio Allocation Summary for May 2026.

Our Portfolio Allocation Summary for April 2026.

Our Portfolio Allocation Summary for March 2026.

Our Portfolio Allocation Summary for February 2026.

The 10-year Treasury term premium is now competitive with Baa- and Ba-rated credit spreads. Even without term premium compression, duration carry trades could outperform credit carry trades in a low rate vol environment.

Our Portfolio Allocation Summary for January 2026.

Our Portfolio Allocation Summary for December 2025.