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Beyond The “Single-Lever” Approach
The effect of duration on two illustrative Treasury bonds, all paying a 4% coupon and currently trading at face value
Single lever Approach Chart 
Source: Neuberger Berman. For illustrative purposes only.
Time and Tide —Managing Bond Portfolio Duration
Government bond yields are volatile, and that volatility feeds into credit portfolios: we believe investors should manage interest rate risk actively across all fixed income, not just government bonds.
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Beyond Investment Grade Bonds
Which is Riskier—Investment Grade or High Yield?
When government yields are just as volatile as credit spreads, we believe income-seekers should move beyond investment grade into high yield and other credit markets.
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Global investment grade and high yield bond total returns and volatility, 2010 – 2024 and 2023 – 2024
Investment Grade Bonds Chart 
Source: FactSet, Neuberger Berman. Data as of February 10, 2025. Total returns. Indices used: BofA Global Corporate Bond Index; BofA Global High Yield Bond Index.
Beyond Home Markets
Home markets chart 
Source: Aladdin, Bloomberg. Data as of November 29, 2024. Indices used: Bloomberg Euro Aggregate Corporate Total Return Index (LECPTREU); Bloomberg Global Aggregate Corporate Index (LGCPTRUU).
Expand Your Investment Universe
There are 735 issuers in a euro-based investor’s home universe. Almost 400 of those issue in currencies other than the euro. Switching to the global investment grade universe allows this investor to seek the most attractively valued bonds from those issuers, in different currencies. Then there are more than 1,400 additional issuers that are not in the euro investment universe at all. By switching to global in investment grade alone, a euro-based investor doubles its issuer universe and adds hundreds of cross-currency opportunities in issuers it already knows.
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