Riding the Roller Coaster

Key Points


October was a roller-coaster month for rates amid uncertainties on commodity cost, supply chain constraints and a slowdown in China, bringing more questions on the ‘transitory inflation’ narrative

ECB patience with inflation met with market skepticism

Fund performance was in line with the strategy’s intention, outperforming both IG and HY ETFs thanks to higher carry, limited rates exposure as well as reduced correlation among the holdings

We are not bearish about the credit market as credit metrics are improving, but the Fund prefers a selective approach at this stage

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