Why multi-asset investors 'need that fixed income shield'

It can be easy to forget the powerful defensive qualities of fixed income when stockmarkets are hitting record highs.  But bonds reminded us this year and last of their strategic importance after years of subdued returns.  The asset class naturally comes with a lower risk premium, which means that returns are generally lower than equities.  And that's especially the case for the types of bonds that act as a safe haven when investors are panicked and scrambling for a less volatile asset class.  But the value of those lower returns becomes undeniably amplified when stockmarkets ar...