Are you worried about rising interest rates? Manage interest rate risk, not duration.
A holistic portfolio approach
• Current level of interest rates calls for owning less fixed income than normal
• Prospect of rising rates is good for investors long-term, perhaps not this year
• Slashing fixed income duration can be counterproductive
A place for everything, and everything in its place
• Reducing interest rate risk in portfolios is worthwhile short term
• Can be accomplished by holding less rate-sensitive fixed income
• Options: credit, equities, direct real estate
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