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The Tabula monthly - November 2020


Looking ahead

  • Vaccine news is leading to a relief rally, but the journey to managing the virus remains long and complicated
  • The incoming Biden administration is committed to further Covid-related stimulus, including more direct payments to households
  • What matters more is what the Fed does next, which could significantly affect the outlook for US inflation
  • With Trump's next move unclear, now is the time to prepare portfolios for year-end illiquidity

The outlook for US inflation

The Fed has committed to a new inflation regime, and the President-elect will likely be more supportive of accommodative monetary policy.

Combined with the demand/supply fallout from the Covid-crisis, the decade of low and stable inflation may be coming to an end. 

  Fed Wants to Deliver 2% inflationv2
Source: ASR Ltd, Tabula and Bloomberg as of 31 October 2020. Realised inflation is PCE change YoY. Implicit Fed target represents required inflation rate over the next five years to achieve Fed target of 2% inflation over 10 years. 

To learn more about possible inflation scenarios view the replay of our recent webinar. 

Tabula Talks - Inflation on the rise - Thumbnailv2

A simple but comprehensive solution to inflation exposure

Tabula's latest ETF, the Tabula US Enhanced Inflation UCITS ETF, provides a new approach to inflation by providing exposure to realised and expected inflation in a single index.


Preparing portfolios for year-end illiquidity

March 2020 saw a major liquidity shock in € IG corporate bonds. This year-end, we can hope for better, but should perhaps expect the worst. Is your € IG allocation ready for a re-run of March?




Save the date 📅 | Inflation in 2021

Join us on Wednesday 2 December at 14.00 (GMT) as our CEO MJ Lytle is joined for a webinar on inflation with Yelena Shulyateva, Senior US Economist at Bloomberg.

For more information click here to email us.


How did our ETFs perform in October?




  Tabula iTraxx IG Bond (EUR) Dist1 +0.8% See the factsheet >  
  Tabula US Enhanced Inflation (USD) Acc2 -0.1% See the factsheet >  
  Tabula European Performance Credit (EUR) Acc -1.1% See the factsheet >  
  Tabula European iTraxx Crossover Credit  (EUR) Acc -0.8% See the factsheet >  
  Tabula European iTraxx Crossover Credit Short (EUR) Acc +0.6% See the factsheet >  
  Tabula North American CDX High Yield Credit Short (USD) Acc3 +0.2% See the factsheet >  
  Tabula Global IG Credit Curve Steepener UCITS ETF (EUR) Acc4 -0.1% See the factsheet >  
Tabula J.P. Morgan Global Credit Volatility Premium (EUR) Acc
+1.5% See the factsheet >  
1 Performance represents the iBoxx iTraxx Europe Bond Index. 2 Performance represents the Bloomberg Barclays US Enhanced Inflation Index. 3 Performance represents the CDX North American High Yield Credit Short Index. 4 Performance represents the iTraxx-CDX IG Global Credit Steepener Index.
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