23rd July 2026

Multi-asset portfolios: Bonds are back. Just not as you knew them.

Fixed income still belongs in a multi-asset portfolio. But what we are asking it to do has changed, and how we manage it must change with it.

This article was first published in IFA Magazine.

The question advisers keep coming back to is a fair one: do bonds still belong in a multi-asset portfolio? After the sharp repricing of 2022, the subsequent volatility in gilt and Treasury markets, and now the stagflationary shock of the Iran war, the scepticism is understandable. But the question itself may be slightly wrong. The more useful question is: what exactly are we asking bonds to do?

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