2023 Fixed Income Outlook and Opportunities
Weitz Investment Management's Co-Heads of Fixed income Tom Carney, CFA, and Nolan Anderson share their views on the state of the market for fixed income, what they expect to see in 2023, and where they're seeing opportunities now.
The opinions expressed are those of Weitz Investment Management and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through the date of publication, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance and time horizon.
Past performance is not a guarantee of future results.
Holdings are subject to change and may not be representative of a Fund’s current or future investments.
Credit ratings are assigned to underlying securities utilizing
ratings from a Nationally Recognized Statistical Rating Organization (NRSRO)
such as Moody's and Fitch, or other rating agencies and applying the following
hierarchy: security is determined to be Investment Grade if it has been rated
at least BBB- by one credit rating agency; once determined to be Investment
Grade (BBB- and above) or Non-Investment Grade (BB+ and below) where multiple
ratings are available, the lowest rating is assigned. Mortgage-related
securities issued and guaranteed by government-sponsored agencies such as
Fannie Mae and Freddie Mac are generally not rated by rating agencies.
Securities that are not rated do not necessarily indicate low quality. Ratings
are shown in the Fitch scale (e.g., AAA). Ratings and portfolio credit quality
may change over time. The Fund itself has not been rated by a credit rating
Consider these risks before investing: All investments involve risks, including possible loss of principal. Market risk includes political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases). Changing interest rates may have sudden and unpredictable effects in the markets and on the Fund's investments. The Fund may purchase lower-rated and unrated fixed-income securities, which involve an increased possibility that the issuers of these may not be able to make payments of interest and principal. See the Fund's prospectus for a further discussion of risks.