Prime Time for Bonds

PIMCO

Erin Browne, Emmanuel Sharef

Research

8 Pages

PIMCO lays out its twenty twenty four asset allocation outlook arguing that bonds now deserve center stage in multi asset portfolios. The authors highlight a late cycle backdrop with slowing growth, easing inflation and an unusually thin compensation for owning equities over bonds. They also stress flexibility, favoring quality duration and diversified fixed income over a neutral stance in equities.

Date published: November 14, 2023

Estimates only. There can be no assurance forward-looking returns will be achieved and actual results may vary substantially.

Key Takeaways

Case for bonds: Slowing growth and moderating inflation create a backdrop where high quality fixed income looks relatively appealing.
Macro late cycle view: Business cycle analysis points to a late stage environment where stable policy rates tend to support duration.
Valuation and allocation: Equity risk premium near one percent makes bonds comparatively attractive as core holdings in balanced portfolios.
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