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19th June 2026

Baillie Gifford: Balanced portfolios still need bonds

Bonds may not hedge every shock, but they still protect balanced portfolios when growth falters. Capital at risk.
 

Key points

  • Bonds have been less reliable diversifiers since inflation pushed equity and bond prices in the same direction
  • That does not weaken their role in balanced portfolios, because growth shocks still tend to reward bond holders
  • With yields higher today, bonds offer both income and protection when sharp slowdowns hit the markets
 

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