# Income with resilience built in.

**FIXED INCOME** · [https://nwxinvest.com/strategies/fixed-income](https://nwxinvest.com/strategies/fixed-income)

> A defensive allocation of precious metals and sovereign government bonds, evaluated through duration, issuer quality and disciplined risk controls.

## Portfolio role

A defensive core: written sovereign income and precious metals that answer to a different cycle than equities.

## What we examine

Issuer quality, duration and rate sensitivity, instrument liquidity, position limits and the adverse case.

## Principal risks

Interest-rate risk, issuer and sovereign risk, currency exposure, liquidity risk and possible loss of principal.