What a year it has been. In 2019, global bonds returned 6.8%. Bonds of the riskier variety, like high-yield corporates (credit risk) and long-dated zero-coupon Treasuries (interest rate risk), fared even better. But the good news doesn’t stop there. Global equity markets returned 27.1%, placing 2019 in the top decile of all calendar years on record. Download Q4 2019 Commentary.