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Market Perspectives

Chart of the Month

Currency Hedging Can Turn a Negative Into a Positive

Five-year sovereign yields when hedged to USD


Source: Bloomberg and Wellington. Data as of 12/31/2018. When an investor hedges a non-US dollar currency back to US dollars, the additional yield earned on the currency-forward contract more than offsets the negative yield on the underlying sovereign holding in the non-US dollar currency. Taking a German bund as an example, a 5-year German bund yields approximately -0.32%. On a USD-hedged basis however, the bund yields approximately 2.87%, which is a premium relative to the US 5-year (2.51%). Past performance is not a guarantee of future results. For illustrative purposes only.

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Stat of the Month


Data Source: National Bureau of Economic Research, 6/19

Global Investment Strategy
from Nanette Abuhoff Jacobson

Are US-China trade tensions here to stay?

Tensions between two of the world’s largest economies could be a lingering headwind for global markets.

Advisor Report