There are a number of areas that we believe offer the potential for diversifying away from term-structure risk and that offer attractive valuations and cash flow potential. Importantly, these sectors all share a common characteristic: They represent tiny fractions of the Agg, and the sources of risk they entail are far more diverse and much less contingent on declining interest rates to fuel returns.

A more comprehensive view of risks leads to a broader range of opportunities

A more comprehensive view of risks leads to a broader range of fixed income opportunities