September 2025 – Beyond the Yield: A Risk-Based Case for Bonds
Summary
JAG has maintained a constructive bond market outlook for several years, enduring bouts of volatility, tight credit spreads, and a prolonged yield curve inversion. Despite evolving risks, we consistently reach the same conclusion: absolute yields remain attractive.
While this view may sound simplistic, our optimism around yields is not based solely on potential reward. Higher yields also offer inherent risk-reduction benefits.
