Fixed income markets reflected significant policy divergence in January. The US Federal Reserve held rates steady, reinforcing its wait‑and‑see approach, while the ECB maintained a neutral stance. The Bank of England faced ongoing inflation pressures and Japan continued its gradual normalisation efforts.
Credit conditions remained stable globally, liquidity was ample and fixed income volatility remained manageable over the month. These dynamics underscore the importance of active duration management as policy paths diverge.
Strategic View:
A barbell strategy remains appropriate. Short‑duration exposures offer attractive carry, while intermediate maturities provide balanced interest‑rate risk. Selective credit exposure remains prudent given tight spreads and elevated refinancing needs among lower‑quality issuers.
The below FSCA regulated companies, who conduct asset management and investment services, are owned by Orion Investment Managers (OIM). These subsidiary companies operate in a number of different jurisdictions, and each provides investment management and products to their clients. Orion Investment Managers, is, in turn, owned by Spirit Invest International, which owns a portfolio of companies in the investment sector...
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