2023 turned out to be a good year for most fixed income investors, although it was not all smooth sailing. There were various risk events, such as #LadyRussiagate, the docking of the sanctioned Russian cargo ship at Simon’s Town Naval Base in May, which led to concerns about South Africa’s support of the war in Ukraine. After a difficult three quarters, bonds experienced a strong fourth quarter, which boosted income fund returns to between 9.5% and 12%, depending on risk allocations.

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