1004 GMT – The earnings power of bonds has been restored in both the eurozone and the U.S. and clearly exceeds the dividend yield of a global equity portfolio, with calculable risk, Michael Weidner, portfolio manager and co-head global fixed income at Lazard Asset Management Germany, says in a note. “Under these circumstances, bonds simply make sense as a basis for asset allocation,” he says. Bonds again fulfill criteria that a basic investment must meet in asset allocation, such as calculable and secure returns, continuous liquidity and serving to diversify with a low correlation to risky assets, he says. “We are experiencing a renaissance of this asset class.” ([email protected])

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