![mipsquarterlyreport mipsquarterlyreport](https://thewire.blob.core.windows.net/web/images/default-source/default-album/mipsquarterlyreport.png?sfvrsn=c7a0b05a_0)
The US economy continues to drive global growth. We believe global interest rates will experience upward pressure if market expectations of the pace of the Fed hikes increases.
However, we forecast that the RBA may delay lifting the official cash rate, but the yield curve will nonetheless steepen and may well do so progressively from the three year point of the yield curve.
Subsequently, we position our portfolios in the short duration target range of two to three years, given the forecast portfolio performance outcomes should base interest rates rise or fall. Strategically avoiding the potential poor performance and devaluation of long term fixed rate bonds. This continues our successful 2016 strategy that worked well up until the 4Q17.
MIPS Strategy for all programs
- Short duration awaiting higher (base) rates before extending
- Selectively long credit exposure
Key themes:
- US and AUD interest rate positive correlation is unravelling slowly
- Interest rate directional view (duration strategy) is unchanged
- Credit margin and credit exposure strategies are unchanged
- Increased allocation to Residential Mortgage Backed Security assets
Program NET returns for the quarter ended 31 December 2017
![](data:image/png;base64,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)
The MIPS Investment Programs of Conservative Income, Core Income, Income Plus and the various Customised Mandates that include the Bank Bond Programs, invested amongst a universe of approximately 70 assets (that were held within the programs for the entire calendar year), all of which, with the exception of one, rallied over that period.
In summary, we believe investment grade credit margins will outperform non investment grade credit margins, and senior debt will outperform subordinate debt. Combining this with our interest rate view, we will be reluctant to take long duration, low rated credit risk.
For the full report, please click here.
Please contact your local dealer or call 1800 01 01 81 if you’d like to learn more regarding any of the programs.