Last year was the worst for bond markets in more than a century and marked the end of a four-decade long “golden age” for the asset class which is unlikely to be repeated, according to a trio of academics.
Global bonds lost 31 per cent in 2022, the worst annual performance for fixed income in data stretching back to 1900, Dr Mike Staunton and professors Elroy Dimson and Paul Marsh wrote in Credit Suisse’s latest Global Investment Returns Yearbook.
UK bonds fared even worse, returning minus 39 per cent.
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