Insights & Education

Traditional fixed income investing faces an existential challenge. The static allocation models that dominated portfolio construction for decades are becoming obsolete in an era where inflation can surge rapidly, central banks pivot policy overnight, and economic regimes shift with unprecedented frequency.

Fixed income surprised investors in Q2 2025, with bonds gaining 4% despite market volatility and Fed uncertainty. Brian Lockwood breaks down the quarter's "bull steepening" yield curve dynamics and reveals why municipal bonds now offer some of their most attractive valuations in years, plus his strategic positioning recommendations for the second half of 2025.

May was marked by a strong rebound in U.S. markets, as easing trade tensions and resilient economic indicators boosted investor sentiment. Early in the month, the U.S. and China agreed to de-escalate their trade war – including a 90-day suspension of planned tariffs – which proved to be a major catalyst for risk assets.

April 2025 was a month marked by significant economic turbulence and market volatility.

Brian Lockwood, Piton's Chief Investment Officer, examines the quarter's key developments, sector performance

March 2025 marked a volatile month across global markets. Investors faced heightened uncertainty

February brought heightened volatility in risk markets; US treasuries and high-grade bonds benefited in a shift towards safety.

After another year of stellar returns for risk assets, December and the year of "AI" came quietly to a close.

Brian Lockwood, Piton’s CIO, recaps 2024’s fixed-income shifts & resilience, shaping 2025 bond strategies for sustainable success.

Piton Management partners with Halo Investing to enhance fixed-income and structured product solutions for RIAs and investors globally.

And just like that, the presidential election did not disappoint in terms of a macro-catalyst.

Welcome to Piton Investment Management’s Q3 fixed income update.