Video: Shock, Then Repricing

March’s geopolitical flare-up unsettled markets and lifted energy prices, while also forcing a broad repricing in global bonds and credit.

Rates moved higher and spreads widened as investors demanded more compensation for risk, creating a more volatile backdrop but also opening up selective opportunities.

In this environment, portfolio positioning is centered on managing uncertainty while taking advantage of rising dispersion across sectors, issuers, and regions.

The main risks remain further escalation in conflicts, persistent rate volatility, weaker liquidity, and credit pressure if growth slows or financing conditions tighten.