Sanjay Guglani

From 2000 to 2025, the return gap between equities and bonds has averaged less than 3% p.a., yet bonds have delivered this with less than half the volatility. Today, High Yield bonds offer yields in the top 30% of their historical range, while S&P 500 valuations sit in the top 5% of multi-decade highs. In this environment, High Yield bonds offer a more compelling risk-reward ratio.