Summary
- The second quarter of 2025 was defined by several key policies from the new Trump administration, including tariffs/trade, immigration, and taxes.
- The fund returned 1.88% in the second quarter versus the ICE BoA 1-3 Year A-BBB US Corporate Index return of 1.48%.
- Increased exposure to U.S. Treasuries, high yield corporates, and investment-grade corporates. Reduced exposure to bank loans and cash.
Fixed Income Market Review
The second quarter of 2025 was defined by several key policies from the new Trump administration, including tariffs/trade, immigration, and taxes. “Liberation Day” was marked by tariffs that were significantly higher than market expectations. This created a
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