Getting the bond balancing act right

Corporate bond markets have delivered returns ahead of expectations this year, which raises the question of whether this bull run will continue. There are certainly risks that need to be managed but credit remains an attractive asset class. We are at the end of a cycle and I expect bottom-up factors will now be more important than top-down. In this environment, it is not easy to make money (in any asset class) but I expect there will be greater performance differentiation between individual names going forward. This plays into the hands of those who have expertise and resources devote...