The COVID -19 pandemic rattled markets across the globe as concerns over the impending economic slowdown prompted massive and quick selling of risk. Funds and investors of all sorts found themselves unwinding holdings in a battle for liquidity with few willing buyers. The resulting prices ranged from not great to dreadful, with the only winning sectors being either agency-related or outright U.S. Treasury debt. For the quarter, the Bloomberg Barclays Aggregate Index gained a healthy 3.15% on a very pronounced flight to quality in the Treasury Market. Long Treasuries gained over 20% during the quarter, while the sector as a whole was up over 8%.
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