Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially, and should not be relied upon as such. Target allocations contained herein are subject to change. There is no assurance that the target allocations will be achieved, and actual allocations may be significantly different than that shown here. This presentation should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
The information in this presentation may contain projections or other forward-looking statements regarding future events, targets, forecasts or expectations regarding the strategies described herein, and is only current as of the date indicated.
There is no assurance that such events or targets will be achieved, and may be significantly different from that shown here. The information in this presentation, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Performance of all cited indices is calculated on a total return basis with dividends reinvested.
The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Neither AQR nor the author assumes any duty to, nor undertakes to update forward looking statements.
No representation or warranty, express or implied, is made or given by or on behalf of AQR, the author or any other person as to the accuracy and completeness or fairness of the information contained in this presentation, and no responsibility or liability is accepted for any such information. By accepting this presentation in its entirety, the recipient acknowledges its understanding and acceptance of the foregoing statement.
The data and analysis contained herein are based on theoretical and model portfolios and are not representative of the performance of funds or portfolios that AQR currently manages. There is a risk of substantial loss associated with trading commodities, futures, options, derivatives and other financial instruments. Before trading, investors should carefully consider their financial position and risk tolerance to determine if the proposed trading style is appropriate.
Investors should realize that when trading futures, commodities, options, derivatives and other financial instruments one could lose the full balance of their account. It is also possible to lose more than the initial deposit when trading derivatives or using leverage.
All funds committed to such a trading strategy should be purely risk capital. Please note that this document has been prepared in accordance with SEC requirements and not Australian laws.
This presentation and the information contained herein are for educational and informational purposes only and do not constitute and should not be construed as an offering of advisory services or as an invitation, inducement or offer to sell or solicitation of an offer to buy any securities, related financial instruments or financial products in any jurisdiction.
Investments described herein will involve significant risk factors which will be set out in the offering documents for such investments and are not described in this presentation. The information in this presentation is general only and you should refer to the final private information memorandum for complete information.
To the extent of any conflict between this presentation and the private information memorandum, the private information memorandum shall prevail. The contents of this presentation have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution and if you are in any doubt about any of the contents of this presentation, you should obtain independent professional advice.
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You are about to leave AQR. What Drives Bond Yields? Three factors, therefore, determine the level of bond yields — the current interest rate, expected future interest rates, and term premia: Monetary policy drivers Central banks set the interest rate. Source: Consensus Economics, Bloomberg. Long-term inflation and growth are median forecasts of average inflation and real GDP growth rates between years ahead from Consensus Economics. Yield and interest rate T-bill are from Bloomberg.
Please see the Disclosures for important information. Sample is January through April for the natural rate of interest and January through December for inflation expectations. Disclosures This document has been provided to you solely for information purposes and does not constitute an offer or solicitation of an offer or any advice or recommendation to purchase any securities or other financial instruments and may not be construed as such.
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Your Practice. Popular Courses. Bonds Fixed Income Essentials. A bond's yield is based on the bond's coupon payments divided by its market price; as bond prices increase, bond yields fall.
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