First Quarter 2026
Fixed-Income Sector Views
Table of Contents Scorecard........................................................................................ 2
Private Debt ....................................................................................9
Portfolio Management Outlook..................................................... 3
Asset-Backed Securities and CLOs................................................ 10
Macroeconomic Update................................................................. 4
Commercial Mortgage-Backed Securities (CMBS)......................... 11
Rates ................................................................................................5
Non-Agency Residential Mortgage-Backed Securities (RMBS) ...12
Investment-Grade Corporate Bonds ............................................. 6
Agency Mortgage-Backed Securities (MBS) ..................................13
High Yield Corporate Bonds ............................................................ 7
Municipal Bonds ............................................................................ 14
Bank Loans ..................................................................................... 8
Real Assets......................................................................................15