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iBoxx Yield
Select is an index framework to capture the
credit-carry factor in corporate bond markets. Yield Select
strategies use sampling techniques to target portfolio
yield-enhancement subject to investors' tolerances for risk versus
the market benchmark.
Over the quarter, credit spreads were largely range bound.
However, there was a shift in the trajectory of expected US
interest rates. In August, US rates started to reverse their
downtrend and gapped considerably higher in September after the
Federal Reserve meeting.
Looking at the monthly returns over Q3, the Benchmark, the Carry
Benchmark and the Yield Select strategies delivered their best over
July and their worst in September. Whilst returns for all
strategies exceeded the Benchmark, the Yield Select strategies
outperformed the Carry Benchmark.
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
