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Executive summary

With the economy on the mend, investment grade credit spreads tightening surpassed pre-pandemic levels. This caused investors to wonder if it’s a return to normal or an overheated market. Since the future is unknowable, we avoid making predictions about spread movements. Instead, we focus on managing to a neutral credit beta and preparing for volatility.

A disciplined portfolio construction process can:

  • avoid excess volatility
  • offer downside protection
  • be a source of alpha for investment grade bond portfolios