Is there any value left in global bonds?

In the rising yield environment of 2013, global bond fund managers failed to protect investors' capital, despite the flexibility of their mandates. The average fund lost 4.9% over the 12 months. Looking forward, a rise in global yields should once again dominate the market's sentiment this year and fixed income investors will remain fearful of a great rotation out of bond markets. Against this gloomy backdrop, is there any value left in global bond funds or should investors steer clear? We believe credit markets do still offer some upside potential, particularly high yield bonds. None...