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2 April 2025
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Most Australian investors have little exposure to emerging markets debt, but the attractions of a widely-diversified portfolio offering higher yields can be accessed through global bond portfolios available here.
High-yield bonds carry more risk than investment grade but they offer higher income returns. An allocation to high-yield bonds in a portfolio - alongside equities and other bonds – is worth considering.
Investors hold non-government bonds for both their income and defensive characteristics, but there must be sufficient diversification and liquidity in quality names to manage the risk.
As term deposits no longer satisfy the need for income, more investors are turning to alternative sources. Here's a check on where three types of fixed income sit in the company funding structure.
Bond markets are far larger than stockmarkets, and the BBB segments in the largest of all in the corporate market. Many analysts have pointed to potential weaknesses but it pays to look a bit deeper.
As interest rates fell in recent years, there was a push into emerging markets debt, but as worldwide central bank stimulus reduces, many of these 'emerging' countries are showing why they are poorly rated.
The high yield debt market is now much larger and riskier than just before the GFC. That doesn’t bode well for when the next downturn happens and investors have several options to de-risk.
Many retail investors have turned to unrated or high-yield corporate bonds in recent years, but conditions have been favourable. Watch for the once-a-decade spikes in default rates.
Due to the growing risks to high yield or junk bonds, this is not the time to accept their tight spreads in the search for better returns. Investment grade bonds and dividend yields are likely to be more dependable.
Investors seeking yield need to watch the margin contraction on so-called 'high yield' debt, especially since the protective covenants are weaker than in the past.
Keeping superannuation savings in term deposits will protect the capital but doesn't optimise the retirement outcome. There are many alternatives that should provide higher sustainable income over the long term.
It matters little if you are invested in property, shares or bonds, we have moved into a lower return environment. It's a time for caution in a world where debt and defaults are rising.
This time last year, I highlighted 16 ASX stocks that investors could own indefinitely. One year on, I look at whether there should be any changes to the list of stocks as well as which companies are worth buying now.
The CIO of Australia’s fourth largest super fund by assets, John Pearce, suggests the odds favour a flat year for markets, with the possibility of a correction of 10% or more. However, he’ll use any dip as a buying opportunity.
The ABS recently released figures which are used to determine key superannuation rates and thresholds that will apply from 1 July 2025. This outlines the rates and thresholds that are changing and those that aren’t.
With the arrival of the new year, the first members of ‘Generation X’ turned 60, marking the start of the MTV generation’s collective journey towards retirement. Are Gen Xers and our retirement system ready for the transition?
The intergenerational wealth transfer, largely driven by a housing boom, exacerbates economic inequality, stifles productivity, and impedes social mobility. Solutions lie in addressing the housing problem, not taxing wealth.
Warren Buffett's annual shareholder letter has been fixture for avid investors for decades. In his latest letter, Buffett is reticent on many key topics, but his actions rather than words are sending clear signals to investors.