Tactical Investment Strategy — February 2023

February 15, 2023 — We continue to view the risk/reward for fixed income as favorable. In the near-term, rates could come under renewed pressure as markets wrestle with the timing of a Fed pause. Additionally, credit and higher-risk fixed income sectors are also vulnerable given a challenging macro backdrop. Our game plan is to stay defensive within the fixed income allocation and hold more fixed income relative to risk assets given return expectations and increased flows.