January was a strong month for bond returns as equity markets and commodity markets experienced extreme volatility. Government bonds rallied and the yield curve flattened as investors sought safe haven investments. Government typically have longer duration than corporate bonds and semis. As such they benefited the most from the flattening curve. Government bonds returned 1.388% for the month followed by the composite bond index at 1.222%. Semis were close behind at 1.124% with corporate bonds at 0.933%. FRNs only just outperformed cash at 0.193%. Cash returned 0.189%.
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