(Bloomberg) -- India’s entry into a global bond index drew investors to the nation’s sovereign debt. It’s now time to rotate some of the money to corporate...
-- India’s entry into a global bond index drew investors to the nation’s sovereign debt . It’s now time to rotate some of the money to corporate debt , according to an asset manager at a $102 billion fund house.Turkey Plans Istanbul Taxi Surge to Tackle Complaints
“Given that many corporates have deleveraged, the risk in non-financial corporate bonds is quite low, making this segment appealing from a risk-return perspective,” Banthia said. “Conversely, sovereign bond markets appear overvalued, offering limited medium-term returns.” The ICICI Prudential All Seasons Bond Fund, which Banthia has helped manage since 2012, is the best performing in its segment on a 10-year basis, according to the Association of Mutual Funds in India data. The fund cut its sovereign bond holdings to 55.6% in July, from 61.1% in April, according to their latest fact-sheet. Corporate debt holdings rose to 33.5%, from 28.9%, during the period.
“The market’s current momentum is driven by favorable demand-supply dynamics. However, valuations in fixed income markets appear expensive, presenting more risk than return,” Banthia said. “While momentum investing may seem appealing, we remain cautious at this point of time.”Dow Jones Futures: S&P 500 Power Trend Starts; Tesla Rival Leads 7 Stocks In Buy Zones
Sovereign Debt Manish Banthia Corporate Bonds Sovereign Bond Corporate Debt ICICI Prudential Asset Management
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