US retail funds continue to ditch inflation hedges

Counterparty Radar: Aggregate notional drops 27% in Q1 as Pimco unwinds more swaps

Reducing hedges

US mutual fund and exchange-traded fund managers further reduced their inflation hedges in the first quarter, as the rate of price increases for goods and services continued to subside across most advanced economies.

The combined notional volume of the retail fund sector’s inflation swap positions stood at approximately $7.1 billion on March 31, the lowest in 13 quarters. This is down $2.5 billion, or 27%, compared with the final quarter of 2022.

Positions denominated in sterling saw the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here