The Future of Fixed Income Is Systematic
认为，在央行降息和经济稳健的背景下，固定收益投资需要灵活定制，系统化主动投资能带来稳定的超额收益和分散化回报。
In an environment in which major central banks are preparing to lower interest rates and economic growth has helped to keep corporate credit fundamentals healthy, investors are aiming to benefit from the income generation and diversification that a fixed-income allocation can offer. However, the close connection between bond performance and macroeconomic trends, the widely varied performance among fixed-income sectors over certain periods, and the uncertain futures of inflation and policy rates all illustrate that the fixed-income market is nuanced, and which fixed-income sector is preferable may vary over time. As a result, flexibility and tailoring of fixed-income allocations are needed. This article provides the author’s perspective on the reasons a tailored approach can benefit fixed-income investors. In addition, it articulates why systematic active fixed-income investment style can provide significant benefits to investors, such as consistent signal-driven excess returns, a diversifying return profile compared with active fundamental managers, and a clear and transparent process.