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The value of local bonds are often overlooked in multi asset portfolios particularly when considering offshore assets. This article demonstrates this value relative to offshore income and shows how local bonds are a vital building block in Multi Asset funds.

After closing 2023 on a high note with robust market performance, January 2024 was more mixed. Despite the underperformance in local and emerging equity markets, driven by challenges in China, the resilience in developed markets, particularly the US, and controlled inflation levels suggest an optimistic outlook, underpinned by strong economic indicators and a potential plateau in interest rate cycles.