Expert Insights
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Risk assets face an uncertain future as the Fed’s about-turn on monetary policy has left many investors wondering what’s next. However, according to Charlie Jamieson, Chief Investment Officer at Jamieson Coote Bonds, government bonds are well placed, with two clear pathways to a strong performance. On the one hand, a... Show More

Fund Manager Q&A
James Marlay

Do you remember last year when US 10-year government bonds cracked 3%? I do. Everyone started talking about flattening yield curves, a potential recession in the US and Jamie Dimon said the 10-year could hit 5%… Widely regarded as the risk-free rate used for the pricing of all other assets the... Show More

Expert Insights
Livewire Exclusive

The fed is now unwinding the biggest monetary experiment in history, which saw $3.6 trillion of asset purchases from the Fed between 2008 and 2015. This is unknown territory, so when we sat down with Charlie Jamieson, CIO at Jamieson Coote Bonds we took the chance to get his perspective.... Show More

Charlie Jamieson

Credit is smouldering right now. When that smoke becomes fire, the door becomes a key hole and only the first few get through. The rest get burnt. Holding credit risks with your equity holdings into 2019 and 2020 seems mighty dangerous. Don’t get barbequed this season. Show More

Expert Insights
Livewire Exclusive

East Coast residential property continues to soften as credit tightens, but in this interview with Charlie Jamieson, CIO at Jamieson Coote Bonds, he warns that property investors might make matters worse by becoming forced sellers in a falling market. Charlie outlines the mechanics of margin calls and forced selling, and told... Show More

Expert Insights
Livewire Exclusive

The Fed has hiked 3 times this year and plans another four hikes by the end of next year. Their collective impact is still ‘in the post’ as hikes take time to bite. When we asked Charlie Jamieson, CIO at Jamieson Coote Bonds what he expects, he gave a sobering... Show More

Charlie Jamieson

2018 has been, so far, a year of transformational markets driven by populism, politics and policy. Tectonic plates are shifting under the market, and investors are rightly nervous. Despite nearer term fluctuations, U.S. equity markets still remain close to record valuations while looking fatigued. Meanwhile, Quantitative Easing (QE) is being... Show More

Charlie Jamieson

Jamieson Coote Bonds (JCB) is an active manager of high-grade bonds specialising in duration management and security selection. JCB's investment process involves deep macro and technical analysis, investment execution and risk management to defend and protect portfolios over time. Show More

hi Lloyd, you could consider CC JCB Global Bond Fund. The ultimate assets are $USD priced high grade government bonds and we offer Australian investors two classes, AUD hedged and AUD unhedged with a no cost option to switch between classes at will, giving investors full flexibility to manage the currency exposure whilst benefiting from institutional FX conversion rates available to us as the manger. Further details are available on the website.

On The Fed is done hiking, US Treasuries should rally. Do you own any? We favour unhedged on currency -

Australian inflation has been below RBA mandate for all but one of the last twelve quarters. Any lift in inflation brings the RBA to hike which triggers a deflationary recession.

On Three Arguments Against a ‘Bondcano’ -

Andrew, CBs most certainly set short dated funding rates. Long dated rates are set by markets and inflation expectations. We are seeing a scenario currently where the market is forcing the FOMC hand. The market is addicted to stimulus and if CBs take it away the volatility will hardly be contained to fixed income. Fixed income will be the first asset class to go but if that decay is sustained that volatility will spread like wildfire. I agree with you. CBs are totally snookered. Look at what they do rather than say. QE1 ends, S&P drops 20% so they immediately launch QE2. That ends and S&P drops 19% so they go to twist. Talk of ending twist early and we have 'taper' tantrum so they immediately extend. Their is a policy floor at point (down 20%) let's hope data holds up so FOMC can deliver on all that chat and actually hike in Dec. I actually think bonds will rally after that, just like last Dec

On “Not a chance” of materially higher rates -

Angelo, one of the great benefits of bond investment is that returns are fixed at time of purchase. They can reval higher or lower over a bonds life, but assuming the credit quality of issuer is sound, the bonds provide income in all scenarios. You certainly don't have to realise losses.

On “Not a chance” of materially higher rates -