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.
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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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