If ever there was a time for fixed-income portfolios then 2020 is it. After racing out of the starting blocks at a frenzied pace, it seems likely that the next year will be remembered for the sheer range of momentous events that loom on the horizon.

In such an environment, the fixed-income benefits of diversification, capital preservation, income generation and higher returns could not look more comforting. But even these portfolios must navigate a challenging global environment...

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