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Tim Hext: How to approach fixed income amid rising bond yields
As bond yields remain elevated and investors weigh the implications of inflation, growth and the AI investment surge, understanding the role of fixed income has never been more important, argues Pendal head of government bond strategies TIM HEXT
WHILE higher yields have challenged investors in recent years, Hext explains in his latest video podcast why bonds continue to play a vital role in portfolio construction, particularly during periods of genuine economic stress.
He also discusses the importance of active duration management and why the next phase of the market cycle could create attractive opportunities for long-term bond investors.
Here’s an excerpt from the video podcast:
“Defensive is for the true risk-off events like a recession, like the GFC, like the early part of COVID. That’s what we generally mean by defensiveness.
“If you lock in bonds at six per cent for five years or 10 years, and rates start coming down, you’re still earning that return. And of course, they’re going to become a lot more valuable.
“At some point bonds are going to be very, very attractive to lock in. The big question which I’ve got to manage as an active manager is when.
“There will be a point somewhere in the next six months to 18 months where we will start to extend the portfolio significantly as we tip over into this new environment.”
Find out about
Pendal Government Bond Fund
Tim Hext, Head of Government Bond Strategies
About Tim Hext and Pendal’s Income & Fixed Interest boutique
Tim Hext is a Pendal portfolio manager and head of government bond strategies in our Income and Fixed Interest team.
Tim has extensive experience in banking, financial markets and funding including senior positions with NSW Treasury Corporation (TCorp), Westpac Treasury, Commonwealth Bank of Australia, Deutsche Bank, Bain & Co and Swiss Bank Corporation.
Pendal’s Income and Fixed Interest boutique is one of the most experienced and well-regarded fixed income teams in Australia.
Find out more about Pendal’s fixed interest strategies here
About Pendal
Pendal is a global investment management business focused on delivering superior investment returns for our clients through active management.
In 2023, Pendal became part of Perpetual Limited (ASX:PPT), bringing together two of Australia’s most respected active asset management brands to create a global leader in multi-boutique asset management with autonomous, world-class investment capabilities and a growing leadership position in ESG.
This video has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426.
It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice.
The product disclosure statement (PDS) for the relevant Pendal Income and Fixed Interest fund, issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in the relevant fund. The relevant PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com.
To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal.