The monthly update on #HINumenCreditFund returns. According to the analysis by Filippo Lanza, CFA, December was a positive month for the fund, thanks especially to the macro component. In particular, the short position on Japanese and English government bonds recorded positive performance. In this 2023, there should be interesting opportunities especially thanks to the “special situations”, favored by volatility both in the macro and micro segments. Inflation, on the other hand, should have reached its peak and should settle at slightly lower levels, although with much longer timings than those currently priced by the market.
Finally, the big question mark for 2023 remains related to the moves of the different central banks. The #Fed should accelerate quantitative tightening, closely followed by the #Bce, while the Bank of Japan remains an independent variable. A start of QT by the BOJ would indeed create further imbalance between supply and demand for bonds on the market.
