With both bonds and equities off to a dismal start to the year and a growing chorus discussing the potential for a recession, income investors may be taking a closer look at their portfolio positioning as they digest recent performance amid rising interest rates. Year-to-date returns from typical income investments have been admittedly mixed, from outright strength in energy infrastructure to resilience in utilities to all-around weakness in closed-end funds. That said, income investments have generally outperformed the -12.9% decline in the S&P 500 (SPX) on a total-return basis through April. Admittedly, some of the outperformance from income investments can be attributed to avoidance of weaker sectors like tech and communication services. This note discusses year-to-date performance for income investments as interest rates have increased.
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