Alfred Lam, CFA, Senior Vice-President and Chief Investment Officer

Marchello Holditch, CFA, Vice-President and Portfolio Manager, CI Multi-Asset Management

What are your thoughts on the fixed-income market today?

The fixed-income market continues to present significant challenges for income-seeking investors. If held to maturity, negative-yielding bonds guarantee a negative return and low-yield bonds guarantee a low return. We believe a buy-and-hold strategy will not work in the current environment; investors need active management, including tactical asset allocation, as well as a multi-asset approach to fixed income. As a portfolio construction tool, we believe fixed income is still an effective hedge against equity market risk.

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