The Consultant
Beware long-dated bonds
Over the past three years, pension funds have been paying close attention to their bond portfolios, and in particular to non-government bonds. A key reason for this sharper focus is their urgent need to boost fixed-income returns in the face of low interest rates and lower expected equity returns.
The introduction of the new accounting standard FRS17 has also given new weight to non-gilt investment because it requires companies to value their funds’ liabilities in line with the yields on long
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