Emerging and developed market government bonds have "swapped places"

Bond and equity markets are sending very different signals. While stocks continue to rally on optimism around earnings and AI-driven growth, bond investors are grappling with inflation risks, geopolitical tensions and mounting government debt.

In this episode of the Asset Allocator Podcast, Aamina Zafar and David Thorpe are joined by Henry Cobbe, head of research at Elston Consulting, to discuss whether investors need to rethink traditional portfolio construction.

The conversation explores whether the classic 60/40 portfolio still works, why government bonds may no longer provide the diversification investors expect, and where income opportunities can be found in today’s markets. Cobbe also explains how inflation, energy shocks and geopolitical events are reshaping asset allocation decisions, and why investors may need to look beyond conventional approaches to build resilient portfolios.

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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