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Performance of bond marketsAs would be expected against a backdrop of higher inflation andincreasingly hawkish central banks, bonds had a flat to negativeperiod in performance terms. Once again, index-linked bonds wasthe strongest sub-sector, an area where we increased exposure atattractive valuations in 2020.Bond returns Q4 20214%3.1%3%2%1%0.0%0.1%0.0%0%-0.5%-1%Emerging Market DebtInflation Linked DebtDeveloped CountryInvestment GradeDeveloped CountryDeveloped Country GovtHigh YieldSource: Morningstar, 31.12.21Liontrust Multi-Asset Portfolio Services Quarterly Report: Q4 2021 - 11
