Identifying bond market opportunities amid 'a kaleidoscope of pickings'

What is risk? This is a question I constantly pose to myself when trying to assess how best to allocate capital within the fixed income space.

In the traditional sense risk is lending money that you are not going to get back, whether it be through default or decay through inflation. Veysey's Sanlam Strat Bond fund merges into Man GLG vehicle However, the goal posts have changed somewhat in recent years as risk has become more about missing out on the party, due to the fear of what happens if you stay too late and getting berated for your caution. We have felt for some time there is little return being offered for increased risk, when assessing the market in traditional measures, the one exception being the role fixed inco...