Speakers´ corner
In our Speakers' Corner, we regularly share our assessments of developments in the capital markets – well-founded, practical, and opinionated. Our experts assess monetary policy trends, analyze macroeconomic shifts, and shed light on their impact on fixed-income investments.
Whether duration, yield curve or market volatility – this is where institutional investors find strategic impulses for allocation and risk management.
A new species: the fully invested bear
A new phenomenon is taking hold in financial markets: alongside the classic Fear of Missing Out (FOMO), we now see the rise of Fear of Being In (FOBI) — the anxiety of being fully invested yet positioned incorrectly.
Gold is experiencing a true “Gold Rush 2.0”, but the price surge appears driven less by a flight to safety and more by excess liquidity flooding the system.
At the same time, global debt continues to climb, while term premia are returning — a clear sign that the environment of the past decade, shaped by negative yield components, is coming to an end.
In this landscape, Active Core focuses on simplicity and reliability: liquid, manageable strategies that continue to function even in periods of stress.
Our guiding principles remain:
SIMPLE – SECURE – TRANSPARENT.
Back to normality. Really?
Precisely in times of political exceptionalism,
the bond market is showing a touch of normality.
Politically, the world is facing the greatest shifts in values and power since the Second World War. And yet, markets appear surprisingly resilient in the midst of these political drifts. More than that – in recent weeks, central banks and bond markets have been regaining, in several respects, a degree of normality not seen since the era of financial repression. Beyond the overarching issue of sovereign debt, it is worth looking at the details – where opportunities can be found.
Carelessness at any price?
Investment boosters offer opportunities for investors
After years of flat or even inverted yield curves, government bond curves are currently steepening significantly in the major bond markets of the US, the Eurozone, Japan, and the UK. This presents a renewed opportunity for investors: the targeted assumption of interest rate duration risk along the curve. A particular focus is on carry and rolldown effects, which become more attractive with increasing steepness and risk-weighted returns. But what is driving this new development, and why should investors take a closer look now?
