It has been a challenging period in global fixed-income markets. Yield curves have normalised—steepening left to right, meaning that the yield on short-dated bonds is again lower than their longer-dated equivalents. Central bank policy rates have remained divergent, if generally heading cautiously lower. The dollar has weakened. All while a legion of geopolitical risks have threatened to upturn many markets’ worth of apple carts. All of which have diverse and interlinked effects on bond markets. You pays your money, you makes your choice. Or, in the case of the IA Sterling Strategic Bond sector, you pays your money to let someone else make the choice for you. [...]