Matthias Hug of Format Vermögen: Investing in high yield bonds with a short duration has proved fruitful for Hug. He also discussed how to manage the risks associated with interest rate hikes, including Format’s use of inflation-linked bonds.

‘We were prepared for raising interest rates, but we were not expecting the speed and the number of rate increases as they now materialised,’ he said.

Maurice Pedergnana of Zugerberg Finanz: Swiss inflation will peak in the third quarter, according to Pedergnana.

‘I can sleep very well at the moment because the macro environment is still okay,’ he said.

He also explained why he has sold all fixed income instruments with a Chinese exposure and zoomed in on a Norwegian tour operator.

Bernhard Urech of Loyal Finance: Loyal Finance is currently neutral on bond duration. Urech said that BB rated bonds are particularly attractive, noting that investment grade spreads have widened.

He said: ‘The market has taken into account quite a bit of hikes already. The question is: is it enough or not? And to be honest, nobody seems to know at the moment.’