MFM GlobalFixed-Income

FundStrategy

The pool Fixed Income is staying strongly underweight in sovereign bonds as most of them offer negative real yields. Our exposure to sovereign bonds is mainly done through TIPS (Treasury Inflation-
Protected Securities) protecting hereby our portfolio against the inflation, one of the risks going forward. Corporate bonds are significantly overweight, focusing on high rated and short duration ones. They allow us to increase the diversification (sector, region) and giving us an access to the primary market. Despite less concerns on inflation and interest rates, we continue to prefer credit risk with short duration rather than interest rate risk through sovereign bonds with long maturity.
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The risk level was calculated based on historical data and is not an indicator of future risk.
Frank Crittin

Chief Investment Officer
Managing Director

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Serge Fournier

Portfolio Manager
Executive Director

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