On the edge of the Bondcano, a straw man

Rates are rising, but there are far bigger threats to worry about.

Until recently, markets had been priced on the basis that bond yields will be “lower for longer”. Not so much now. The shift in emphasis has had a dramatic impact on bond proxies like AREITs and stocks such as Sydney Airport and Transurban.

When interest rates were falling the valuations on these stocks shot up. With rates rising since mid-2016 the share prices are coming back. That's been fortuitous in our view, allowing us to put Scentre and Sydney Airport on the Buy List in February.

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