That, in turn, would set up a clear bull market in bonds, and would compel our move to a fully positive configuration. We did, however, reduce our allocation to mortgage-backed securities due to negative convexity. Notably, wide spreads in junk bonds kept us in that sector into early March. At that time, we reduced our position to below neutral and remained there as the quarter ended. The accuracy of the market forecasts in this material cannot be guaranteed For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary .
Past performance is no guarantee of future results.
Investment return and principal value will fluctuate, so when shares are redeemed they may be worth more or less than the original cost.