Bond party is over, says Canadian fund
Here is a brief section from a related article by Alexandra Stevenson for the Financial Times
The "party is over" for bonds, according to one of Canada's biggest pension fund managers, which plans to cut back significantly on its fixed income holdings.Back to top
"Over the last three to four years returns on fixed income have been amazing - almost equity-like," Michael Sabia, chief executive of the Caisse de dépôt et placement du Québec, told the Financial Times.
And:
The pension fund's sentiment echoes that of GMO, the $104bn Boston-based asset manager, which said it had "given up" on long-dated sovereign debt. This despite investors continuing to shovel billions into sovereign and corporate bonds, fuelling a rally in bond markets that some commentators warn has approached bubble proportions.