For around two decades, bonds reliably helped investors offset equity risk. Since 2022, that relationship has broken down, as the forces behind the “Great Moderation” – globalisation, free trade, abundant energy and low inflation – have gone into reverse. With this potentially marking a structural shift rather than a temporary one, investors are rethinking where, how and in what size bonds fit into their portfolios.
Speaking to HedgeNordic, Aspect Capital’s Chief Product Strategist, Razvan Remsing, argues that real assets such as commodities should move from the edges of portfolios to become an increasingly important building block, yet many asset owners remain underweight. Rather than a passive buy-and-hold allocation, he makes the case for trading commodities actively, following trends in both directions as geopolitical tensions, energy security concerns and resource scarcity reshape markets.
