Chris Higham: Navigating a higher corporate default rate in 2020

2019 saw strong positive total returns across nearly all asset classes.

This was largely driven by a reversal in direction from global central banks, most significantly the US Federal Reserve, who collectively ease global financial conditions. This easing, combined with the appearance that inflationary pressures remain contained, meant strong returns across all parts of fixed income. The hunt for yield is well and truly back to the fore. ESG, fixed income and active ETFs lead global demand Within fixed income, most of the focus remains on the low level of global interest rates, which combined with other secular trends, have driven government bonds to e...