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Fixed Income:
A 360° View

Key insights and portfolio implications to stay ahead of the curve

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08 April 2026

Positive growth but with rising fragility

The latest edition of Fixed Income: A 360° View brings together the key debates and portfolio considerations from the most recent Portfolio Strategy Group (PSG) forum.

Key report takeaways

 

  • Global growth remains positive, but increasingly fragile. A narrow set of drivers is supporting activity, increasing sensitivity to shocks and widening the range of potential outcomes.
  • US growth is being supported by AI investment, but durability is uncertain. Productivity gains have yet to translate meaningfully beyond corporate margins.
  • Tariffs, energy and geopolitics add a layer of uncertainty. Outside of the US, cost pressures are more likely to lift inflation and weigh on growth, complicating policy trade-offs.
  • Wider dispersion places a premium on portfolio resilience over forecasts. Elevated uncertainty argues against concentrated macro positions and in favour of flexibility as conditions evolve.

The Portfolio Strategy Group (PSG): what it is, and why it matters

At Capital Group, the PSG provides broad non-binding guidance to help inform fixed income portfolio construction.

 

In this video, we cover:
  • What the Portfolio Strategy Group (PSG) is
  • How PSG guidance is developed
  • The role of that guidance in the investment process
Full report

Read the latest Fixed Income: A 360° View to stay ahead of the curve.

DOWNLOAD REPORT
Past results are not predictive of results in future periods. It is not possible to invest directly in an index, which is unmanaged. The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment. This information is not intended to provide investment, tax or other advice, or to be a solicitation to buy or sell any securities.
 
Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.
 
Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organisation; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.