Midlincoln Fixed Income Allocation Monitor

USD Total Return • Equal-Weight Country/Sector Bond Indexes • History since 2014
As-of: 2026-03-01 • Sector: Sovereign
Strongest 1Y Country
Lebanon 39.60%
1M: 2.71% • 3M: 33.30%
Strongest 5Y Country
Argentina 328.64%
3Y: 222.78% • 10Y: 186.98%
Weakest 1Y Country
Senegal -12.95%
1M: 2.46% • 3M: -9.46%

Executive Summary

This monitor tracks equal-weight USD total return bond indexes across countries and sectors using a consistent monthly mapping (calendar_months.mapdatebond). Returns incorporate USD price changes (including FX where applicable) and a carry approximation of 1/12 × prior-month YTW. Use this as a cross-sectional allocation reference and as supporting research data for custom index design.

Country Performance Matrix (Sovereign)

Sorted by 1Y return (descending). Missing horizons display as “—”.
Country 1M 3M 1Y 2Y 3Y 5Y 10Y Level
Lebanon 2.71% 33.30% 39.60% 67.76% 41.59% -25.53% -83.51% 17.02
Argentina -0.40% 9.34% 33.82% 95.72% 222.78% 328.64% 186.98% 424.12
Bolivia 3.47% 21.10% 33.37% 93.98% 68.75% 56.90% — 180.93
Ecuador 0.12% 17.92% 22.46% 101.65% 156.15% 172.59% 186.54% 251.87
Ukraine 0.33% 16.37% 18.03% 47.07% 185.64% -26.95% 31.39% 208.05
Sri Lanka -0.65% 5.67% 9.03% 26.16% 75.77% 65.92% 57.36% 153.46
Nigeria 0.50% 6.13% 8.32% 17.84% 48.01% 26.96% 101.51% 201.43
Egypt -0.58% 2.76% 6.52% 43.59% 63.80% 35.93% 111.76% 198.32
Angola 1.41% 5.59% 6.16% 22.48% 32.84% 44.69% 187.43% 299.93
Ghana -0.24% 3.92% 6.10% 23.13% 51.56% -24.61% 59.46% 137.76
Panama 2.81% 2.98% 5.73% 11.42% 9.37% -11.21% 12.66% 114.18
Romania 0.83% 2.48% 5.02% 10.86% 20.42% 3.43% 26.60% 127.56
Zambia -1.99% 3.26% 4.99% 31.73% 83.73% 91.73% 207.07% 235.66
El Salvador 0.57% 1.46% 4.89% 6.37% 88.75% 28.86% 107.67% 193.24
Guatemala 2.06% 1.93% 4.47% 9.04% 12.55% -0.58% 41.56% 139.66
South Africa 0.85% 0.43% 4.40% 9.59% 20.71% 15.75% 54.11% 134.09
Costa Rica 1.02% 2.12% 3.83% 7.75% 21.77% 37.75% 126.64% 223.43
Kenya -3.97% 1.52% 3.60% 14.93% 34.95% 24.42% 119.60% 208.46
Jordan -0.15% -0.12% 3.02% 11.08% 19.25% 17.48% — 169.38
Chile 1.87% 0.76% 2.97% 5.94% 12.24% -7.01% — 117.33
Paraguay 1.35% 0.91% 2.86% 7.28% 15.17% 0.27% 60.63% 152.20
Pakistan -1.65% 1.27% 2.81% 42.01% 203.34% 76.32% 163.35% 280.08
Azerbaijan 0.61% 1.40% 2.63% 7.44% 14.90% 7.82% 67.62% 162.63
Turkey -0.10% 0.59% 2.39% 10.15% 30.49% 30.48% 68.71% 167.67
Brazil 1.30% 1.21% 2.32% 4.35% 15.18% 8.06% 63.99% 147.12
Bulgaria 2.16% 0.39% 2.22% — — — — 103.16
Morocco 1.39% -0.12% 2.18% 6.89% 17.65% -2.98% 20.96% 118.17
Latvia 1.69% -0.04% 1.92% — — — — 107.25
Serbia 0.60% 0.28% 1.85% 7.68% 19.59% 2.26% 8.83% 110.65
Poland 1.07% -0.15% 1.76% 4.19% 10.94% 1.38% 17.47% 119.32
Trinidad and Tobago — — 1.71% 4.45% 12.32% 9.20% — 138.08
Hungary 0.62% -0.54% 1.66% 5.68% 16.78% -6.09% 13.14% 122.11
Peru 1.75% -0.30% 1.63% 3.36% 10.28% -8.09% 19.80% 114.89
Jamaica 0.30% 0.70% 1.61% 3.61% 11.12% 7.58% 77.38% 201.14
Dominican Republic 0.25% 0.03% 1.58% 6.93% 22.61% 15.26% 63.34% 166.32
Oman 0.90% -0.29% 1.27% 5.04% 15.05% 23.66% — 159.12
China 0.40% 0.68% 1.24% 3.41% 11.20% 2.45% — 118.59
Uruguay 1.34% -0.80% 1.07% 2.70% 7.13% -4.58% 30.54% 125.51
Mexico 1.39% -0.35% 1.06% 3.50% 10.68% -1.30% 29.38% 126.59
Kazakhstan 1.29% 0.37% 0.87% 6.91% 15.19% 1.00% 57.39% 165.15
Saudi Arabia 0.53% -1.10% 0.75% 4.87% 9.54% -4.41% — 118.85
Indonesia 0.01% -1.17% 0.41% 3.08% 10.31% -0.80% 37.37% 140.78
Philippines 0.74% -0.89% 0.31% 2.65% 9.34% -7.28% 7.50% 111.01
Colombia -1.06% -1.80% 0.26% 2.97% 20.17% -3.57% 35.28% 125.08
United Arab Emirates 0.06% -1.94% 0.06% 3.19% 8.97% -4.07% — 112.15
Bahrain -0.17% -2.32% -1.08% 5.60% 12.89% 14.07% — 167.58
Senegal 2.46% -9.46% -12.95% -7.39% 9.54% -8.09% — 125.11
Benin — — — — — — — 100.00
Suriname -0.57% — — — — — — 99.43

Top Countries (Index Level — last 36 months)

Top 1Y performers plotted for context. Lines may break if a series has missing months.
Methodology (click to expand)
  • Universe: Bonds classified by Country and raw Sector (as provided in your dataset).
  • De-duplication: Same ISIN held in multiple funds is aggregated at ISIN×month level.
  • USD normalization: Price_USD = Price / FX_Rate (FX_Rate=1 for USD).
  • Total return: Monthly price return plus carry approximation (prior-month YTW / 100) / 12.
  • Index return: Equal-weight average across bonds available in that country+sector for the month.
  • Time axis: Monthly mapping uses calendar_months.mapdatebond.

Country Allocation Momentum (Aggregate Index)

Equal-weight USD total return across all bonds within each country. Sorted by 3M return (flow proxy).
Country 1M 3M 1Y 3Y 5Y Flow Score
Lebanon 2.71% 33.30% 39.60% 41.59% -25.53% 29.83%
Trinidad and Tobago 4.55% 30.63% 8.38% 24.72% 21.25% 28.57%
Bolivia 3.47% 21.10% 33.37% 68.75% 56.90% 15.37%
Ecuador 0.12% 17.92% 22.46% 156.15% 172.59% 4.90%
Ukraine 0.80% 17.02% 19.01% 184.09% -5.95% 1.68%
Malaysia 0.02% 9.81% 11.11% 14.01% -1.13% 8.65%
Ghana 7.53% 9.44% 8.33% 62.32% -1.58% 4.25%
Australia 0.76% 7.16% 8.69% 14.35% -16.93% 5.96%
Cameroon 2.15% 6.27% — — — —
Sri Lanka -0.65% 5.67% 9.03% 75.77% 65.92% -0.64%
Nigeria 0.81% 5.56% 7.20% 47.46% 31.37% 1.60%
Argentina 0.49% 5.55% 16.24% 105.15% 205.15% -3.21%
Angola 1.44% 5.30% 5.90% 32.51% 44.34% 2.59%
Norway -0.17% 4.90% 5.49% 9.00% -28.48% 4.15%
Moldova 0.11% 4.54% 5.58% 85.62% — -2.59%
Dominican Republic 2.91% 4.44% 4.93% 25.31% 22.73% 2.33%
South Africa -1.03% 4.32% 7.15% 24.19% 16.29% 2.30%
Israel 0.08% 4.03% 6.19% 22.92% 8.97% 2.12%
Chile -0.45% 2.99% 5.01% 15.71% -1.34% 1.68%
China 1.08% 2.97% 4.12% 3.95% 6.39% 2.64%
Panama 2.27% 2.96% 5.01% 11.85% -5.61% 1.97%
Egypt -0.58% 2.76% 6.52% 70.33% -12.80% -3.10%
Togo 1.05% 2.61% — 4.62% 14.55% 2.22%
Guatemala 1.49% 2.49% 3.71% 21.89% 9.36% 0.67%
Thailand 0.76% 2.44% 2.46% 5.96% -14.99% 1.95%
Democratic Rep of Congo 0.19% 2.34% — — -4.85% —
Romania -1.56% 2.27% 4.33% 24.30% -4.20% 0.24%
Costa Rica 1.02% 2.12% 3.83% 21.77% 37.75% 0.30%
New Zealand -2.51% 2.11% 3.44% 10.43% — 1.24%
Barbados 0.73% 2.02% 2.63% 15.45% — 0.74%
Slovenia -2.85% 1.93% 0.93% — — —
Mexico 0.10% 1.88% 3.27% 22.67% 14.40% -0.01%
Zambia -0.83% 1.84% 3.25% 46.95% 55.17% -2.07%
Pakistan -1.06% 1.75% 3.21% 204.11% 76.77% -15.26%
Jamaica 0.17% 1.73% 2.36% 15.45% 24.73% 0.44%
Hong Kong 0.57% 1.72% 3.08% 16.77% 10.80% 0.32%
Uruguay -0.23% 1.69% 3.61% 16.35% 14.91% 0.33%
Turkey -0.30% 1.66% 4.10% 14.43% -2.81% 0.46%
Kenya -3.97% 1.52% 3.60% 34.95% 24.42% -1.40%
Burkina Faso 0.50% 1.50% 2.44% 34.65% — -1.39%
El Salvador 0.57% 1.46% 4.89% 88.75% 28.86% -5.94%
Sweden -3.12% 1.45% 1.84% 20.97% -22.88% -0.30%
Azerbaijan 0.61% 1.40% 2.63% 14.80% 10.73% 0.17%
United Kingdom -3.65% 1.36% 0.21% 25.00% -17.55% -0.73%
Madagascar 0.14% 1.33% — — — —
Paraguay 1.33% 1.31% 3.16% 20.06% 10.20% -0.36%
Macau 0.11% 1.25% 2.04% 25.79% 26.28% -0.90%
Kazakhstan 1.31% 1.21% 2.23% 23.43% 5.43% -0.75%
Canada -0.05% 1.20% 2.75% 18.69% 5.60% -0.36%
Singapore -0.21% 1.17% 1.60% 14.04% 5.18% -0.00%
Korea (South) 0.43% 1.16% 1.96% 15.72% 8.23% -0.15%
France -2.57% 0.85% 0.44% 13.70% -23.91% -0.29%
Tanzania 0.51% 0.78% 1.47% 23.83% — -1.20%
Kuwait 0.09% 0.76% 1.78% 18.69% 15.01% -0.80%
United States -0.08% 0.69% 1.54% 22.07% 16.41% -1.15%
Taiwan 0.88% 0.63% 2.00% 14.29% 2.39% -0.56%
Qatar 0.09% 0.58% 1.60% 12.20% 2.79% -0.43%
Brazil -0.90% 0.45% 1.56% 22.99% 17.51% -1.46%
Bulgaria 2.16% 0.39% 2.22% — — —
Hungary -3.71% 0.31% 1.71% 30.09% -18.17% -2.19%
Morocco 1.29% 0.11% 2.36% 19.54% 4.72% -1.52%
Latvia 1.69% -0.04% 1.92% — — —
Jordan 0.06% -0.04% 2.67% 18.96% 17.03% -1.62%
Indonesia 0.22% -0.07% 1.33% 14.48% 10.28% -1.27%
Denmark -3.08% -0.09% -0.98% 13.70% -30.23% -1.23%
Jersey -8.00% -0.10% -9.20% 6.35% — -0.63%
Serbia -1.18% -0.15% 0.12% 20.44% -9.45% -1.86%
Philippines 0.63% -0.21% 0.95% 17.42% 5.32% -1.67%
Poland -3.00% -0.25% 0.93% 33.70% -8.17% -3.06%
Oman 0.68% -0.25% 1.26% 14.53% 22.59% -1.47%
Colombia -1.19% -0.26% 0.24% 44.58% 26.86% -3.98%
Peru -0.56% -0.40% 2.01% 18.63% 3.37% -1.95%
Ireland -2.41% -0.46% -0.64% 16.73% -25.86% -1.86%
Spain -2.62% -0.52% -1.29% 17.37% -24.76% -1.97%
Germany -2.52% -0.56% -1.32% 15.47% -22.46% -1.85%
Saudi Arabia 0.34% -0.59% 0.96% 10.96% 0.47% -1.51%
Netherlands -2.45% -0.61% -1.35% 17.99% -17.61% -2.11%
Switzerland -1.73% -0.67% -0.61% 22.15% 9.39% -2.51%
Czech Republic -4.08% -0.69% -1.57% 8.64% -9.59% -1.41%
Greece -3.30% -0.70% -1.93% 24.53% 12.66% -2.74%
Portugal -2.80% -0.70% -1.27% 28.06% 0.85% -3.03%
United Arab Emirates -0.33% -0.81% 0.56% 10.51% 3.04% -1.68%
Belgium -2.34% -0.88% -1.38% 12.76% -35.68% -1.95%
Finland -2.47% -0.92% -1.58% 12.33% -31.63% -1.94%
Luxembourg -2.51% -0.93% -5.09% 9.48% -11.69% -1.72%
Italy -3.14% -0.96% -1.55% 17.84% -21.27% -2.45%
Austria -2.25% -1.32% -1.63% 13.62% -37.07% -2.46%
India -0.51% -1.64% -0.26% 20.05% 13.99% -3.31%
Bahrain -0.21% -1.91% -0.66% 13.26% 15.49% -3.01%
Japan 0.45% -9.27% -13.77% -36.54% -63.56% -6.22%
Senegal 2.46% -9.46% -12.95% 9.54% -8.09% -10.25%
Benin — — — — — —
Cayman Islands -0.30% — -0.17% — -15.48% —
Suriname -0.57% — — — — —
Armenia — — — — — —

Sector Allocation Momentum (Aggregate Index)

Equal-weight USD total return across all bonds within each sector. Sorted by 3M return (flow proxy).
Sector 1M 3M 1Y 3Y 5Y Flow Score
Energy 0.77% 2.82% 3.75% 23.17% 28.80% 0.89%
Utility 0.19% 2.07% 2.86% 26.97% 19.21% -0.17%
Owned No Guarantee -1.59% 1.90% 1.91% 21.85% 10.85% 0.08%
Reits -0.02% 1.89% 2.74% 23.49% 16.75% -0.07%
Industrial Other -1.87% 1.83% 1.46% 24.86% 14.49% -0.25%
Financial Institutions 0.31% 1.36% 2.42% 10.77% 9.67% 0.46%
Financial Other -1.11% 1.06% 1.35% 30.13% 1.06% -1.45%
Sovereign 0.57% 1.04% 3.22% 26.07% 9.87% -1.13%
Consumer Non-Cyclical -1.01% 1.01% 1.65% 24.62% 8.08% -1.04%
Electric -0.26% 1.00% 1.79% 22.10% 9.21% -0.84%
Industrial -0.03% 0.92% 1.94% 21.74% 9.82% -0.89%
Communications -1.16% 0.89% 1.18% 19.26% 2.33% -0.71%
Consumer Cyclical -0.74% 0.57% 0.84% 24.76% 14.05% -1.50%
Brokerage/Asset Managers/Exchanges -1.19% 0.34% 1.13% 33.03% 24.92% -2.41%
Agency 0.43% 0.31% 1.66% 19.01% 15.58% -1.27%
Capital Goods -0.66% 0.19% -0.36% 23.16% 14.02% -1.74%
Local Authority 0.32% 0.15% 1.03% 30.13% 34.90% -2.36%
Banking -3.06% 0.11% -0.78% 24.26% -0.42% -1.91%
Treasuries -1.40% -0.29% -0.91% 2.38% -33.07% -0.49%
Basic Industry -1.10% -0.30% -0.50% 19.23% 9.38% -1.90%
Transportation -2.44% -0.68% -0.95% 19.68% 5.87% -2.32%
Finance Companies -1.70% -1.13% 0.21% 27.43% 23.04% -3.42%
Insurance -1.77% -1.15% -0.31% 19.67% 9.21% -2.79%
Natural Gas -3.30% -1.75% -3.02% — — —
Technology -0.87% -2.35% -1.54% 12.04% 4.06% -3.35%