After years of arguably lying dormant relative to their equity counterparts, fixed income funds have returned to the fore as interest rates have risen.

With rates across the developed world starting to fall from highs not previously seen in more than a decade, investors have continued to lock in attractive yields from bond funds. According to the latest Calastone fund flow report published in November 2024, fixed income funds saw their highest inflows since June 2023 while equity funds lagged.

But following Rachel Reeves’ Autumn Budget, and Donald Trump due to begin another term at The White House next year, will inflation stay higher than central banks previously expected? And what does this mean for bond investors?

A word from our editor

Keynote

Frédéric Taché

Head of fixed income, St. James's Place Wealth Management

Panel debate

Dewi John
Head of research
Lipper
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Nicola Mai
Executive vice-president, analyst
PIMCO

Nicola is an executive vice president in the London office and a sovereign credit analyst in the portfolio management group. He leads sovereign credit research in Europe and is a member of the European portfolio committee. He is responsible for formulating key macro views for the region and for identifying and analysing global macro and investment trends. Prior to joining PIMCO in 2012, he was senior euro area economist at J.P. Morgan for seven years. He started his career as an economist in the UK government, in a program run by HM Treasury. He has 21 years of investment and financial services experience.

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