Each quarter, Compass plots a course through global fixed income markets by distilling top-down macro perspectives and bottom-up market intelligence into a cohesive outlook.
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Fixed Income Compass – Q2 2026: Carry on and focus on fundamentals
27 Apr 2026
The Q2 2026 edition of our forward-looking Compass explores volatility and probable risks in global markets. While carry remains core, it requires careful selection, and EM local currency debt continues to look compelling.
Discover our fixed income strategies
Fixed income is an indispensable building block for meeting a variety of investment goals, including income, inflation protection, liability management and capital appreciation.
In addition to pooled strategies, we offer bespoke solutions to cater to individual client needs.
Our team
James Vokins
Head of Investment Grade Credit and Core Income
Steve Ryder
Senior Portfolio Manager
Aaron Grehan
Head of Capital Opportunities Group and Co-Head of Emerging Market Debt
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Key risks
Investment risk
The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.
Credit and interest rate risk
Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typically have a greater risk of default.
More fixed income views
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The week in markets: Back on the front foot
3 Jul 2026
This week saw renewed investor confidence that economic growth can continue without reigniting price pressures.
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Bond Voyage: Emerging markets have changed: why markets shouldn’t price them like its 2013
11 May 2026
Emerging markets have increasingly forged for themselves a path less dependent on external conditions, making local currency debt one of the most mispriced narratives in global markets.
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Contemporary alchemy
5 May 2026
Precious metals such as gold and silver, rare earth minerals, and industrial metals such as copper have been making headlines in recent months. We talked to a team of experts to discover what’s been driving investors’ appetite.
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Bond Voyage: Oil shocks without the drama
9 Apr 2026
The reaction to the latest oil price shock provides further evidence that those countries which have taken steps to strengthen their financial position are being rewarded by bond investors.
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Bond Voyage: Markets repricing as Gulf conflict threatens energy shock
12 Mar 2026
The ongoing conflict in the Middle East continues to impact the markets while inflation expectations are recalibrated.
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Bond Voyage: Dancing to a new tune: How Japan’s Lifers are adapting to a market in flux
9 Feb 2026
Japan’s bond markets enter 2026 transformed and recent structural shifts have changed the behaviour of the country’s powerful life insurers.
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Bond Voyage: Industrialised alpha meets fixed income fragility
13 Jan 2026
Could the proliferation of short-term leverage strategies be the next hidden challenge for fixed income markets?
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Bond Voyage: Trust the process
10 Jun 2024
This month, we discuss fiscal discipline in emerging markets, investment-grade credit portfolio construction, potential opportunities for sovereign investors in Canada and the merits of a developed-market focus in global high yield.
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