Forget 60/40 — for now
Long-term institutional investors kept more of their portfolios in cash in September as volatility struck the roughly $25 trillion Treasury market, spurring a sharp selloff in stocks and bonds, according to State Street Global Markets.
It showed cash allocations rose 0.3% to 20.4% in September, while the slice for fixed-income rose 0.2% to 28.5% and equities dropped 0.5% to 51.1%. State Street’s holdings report is based on the share of investor portfolios allocated toward equity, fixed income and cash going back to 1998. The surge in short-term Treasury yields since the Federal Reserve began ratcheting up its policy rate to a 22-year high has given ordinary investors in Treasury bills, or T-bills, a shot at 5% yields for the first time in more than a decade.
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