Patience Rewarded: Fixed Income Finds Its Moment

The Northstar BCI Income Fund Q3 Commentary: After a disciplined first half of the year, quarter three finally delivered the rewards of patience and process. Our bond positioning across the curve, particularly around the 10-year point, benefited as yields moved lower — a direct outcome of staying true to our research-led investment philosophy. The quarter was also marked by the SARB’s announcement to target 3% inflation, a meaningful signal for fixed-income investors. Clarity from Treasury will be key in the months ahead, as the market awaits confirmation of this shift. Looking further ahead, fiscal reform and sustainable growth remain the crucial drivers to watch themes that continue to shape our long-term positioning.