Has 2014 been a good year for investing in Asian bond markets
If you had asked me this question one year ago, we were looking at the fixed-income space with some trepidation. The theme was the Great Rotation, the idea that everyone was looking to sell fixed-income and buy equities.
Which they got half right.
Yes. The market overestimated the bond yield story. This was the incorrect call by almost 100% of The Street. The broad consensus had been extremely negative fixed income.
It didn’t take long for people to realise they were wrong.
I’d say the call became suspect by...