This month we discuss the implications of higher interest rates on our portfolio positioning. Bond yields are up 80 basis points since the lows of mid-2016. Recent support for bonds suggests that the reflation trade might have run its course. However we believe this is a short term bounce and that bond yields have bottomed.

[youtube id=”dVpv1-rL4k8″ autoplay=”no” aspect_ratio=”4:3″]