The Bloomberg Global Aggregate Bond Index is one of the world’s most widely used benchmarks for global fixed income. With more than 30,000 securities from more than 3,100 issuers, it reflects the breadth and diversity of global bond markets across government, corporate, government-related and securitised debt.
Key takeaways
- A broad global benchmark: The Global Agg offers diversified exposure across markets, currencies and sectors.
- A more attractive yield backdrop: Higher yields may provide a stronger starting point for fixed income investors.
- Nine active strategies: Active managers can draw on multiple tools, from duration and sector positioning to relative value and cross-country trades.
- Volatility can create dislocations: Periods of uncertainty may increase pricing inefficiencies and expand the opportunity set for active management.
- Passive fixed income has structural limitations: Bond indices weight issuers by debt outstanding, which can increase exposure to the most indebted borrowers.
With yields back at levels last seen before the global financial crisis, fixed income may offer a more attractive and resilient foundation for future returns. For active managers, the opportunity may extend further. Structural inefficiencies across global bond markets can create scope to seek excess returns beyond the index.
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