Midlincoln Fixed Income Allocation Monitor

USD Total Return • Equal-Weight Country/Sector Bond Indexes • History since 2014

As-of: 2026-03-01 • Sector: Sovereign

View Bond Indexes View Stock Indexes

Sector As-of

Strongest 1Y Country

Lebanon 227.49%

1M: 2.71% • 3M: 33.30%

Strongest 5Y Country

Argentina 533.34%

3Y: 376.92% • 10Y: 175.81%

Weakest 1Y Country

Senegal -18.03%

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%	227.49%	431.45%	348.54%	135.91%	-47.76%	53.91
Bolivia	3.47%	21.10%	99.86%	240.43%	196.16%	175.36%	—	317.52
Ecuador	0.12%	17.92%	84.33%	233.64%	323.82%	351.03%	374.10%	416.73
Israel View stock monitor	1.62%	13.81%	54.64%	77.19%	72.96%	21.97%	48.79%	146.36
Sweden View stock monitor	-4.40%	2.51%	39.04%	36.34%	45.10%	-19.65%	—	86.07
Malaysia View stock monitor	-0.32%	13.55%	33.50%	56.18%	48.39%	25.15%	60.15%	127.50
Hungary View stock monitor	-4.40%	0.32%	33.21%	22.70%	58.23%	-0.47%	-6.10%	88.86
Czech Republic View stock monitor	-4.53%	-0.85%	31.87%	26.23%	36.68%	13.74%	23.83%	111.63
Norway View stock monitor	0.10%	5.41%	31.59%	26.80%	27.66%	-17.90%	—	75.46
South Africa View stock monitor	-2.81%	8.29%	31.11%	64.03%	72.60%	55.74%	134.77%	176.34
Argentina	-0.40%	9.34%	30.52%	189.18%	376.92%	533.34%	175.81%	402.01
Ukraine	0.33%	16.37%	29.83%	69.95%	230.08%	-15.58%	51.83%	224.35
Brazil View stock monitor	1.01%	4.62%	29.81%	19.27%	47.55%	62.61%	128.46%	1,448.29
Ghana	-0.24%	3.92%	28.81%	50.02%	84.66%	-8.15%	94.33%	167.88
Nigeria	0.50%	6.13%	26.61%	44.30%	81.25%	55.47%	146.76%	235.93
Zambia	-1.99%	3.26%	25.00%	56.85%	118.76%	128.28%	265.62%	280.59
Colombia View stock monitor	-2.53%	-1.01%	24.16%	27.22%	84.86%	45.74%	112.69%	148.62
Pakistan	-1.65%	1.27%	23.69%	78.62%	281.55%	121.78%	231.26%	352.29
Mexico View stock monitor	-0.41%	3.05%	23.25%	18.53%	32.89%	38.67%	55.23%	123.93
Poland View stock monitor	-3.98%	-0.52%	23.04%	31.17%	68.39%	14.61%	39.41%	120.48
Thailand View stock monitor	0.91%	3.34%	22.96%	39.32%	36.15%	0.51%	42.23%	145.38
Egypt View stock monitor	-0.58%	2.76%	22.66%	75.08%	107.69%	6.32%	65.72%	155.21
Italy View stock monitor	-3.13%	-0.97%	22.41%	26.46%	44.46%	-11.65%	—	116.12
Romania	-1.56%	2.27%	22.31%	23.24%	40.77%	8.50%	27.11%	110.01
Spain View stock monitor	-2.60%	-0.65%	20.91%	23.87%	39.52%	-16.71%	—	104.96
Panama	2.81%	2.98%	20.39%	31.72%	29.30%	4.98%	33.19%	134.99
Singapore View stock monitor	-0.65%	1.34%	19.97%	27.49%	35.66%	18.76%	—	131.54
Angola	1.41%	5.59%	19.76%	39.33%	51.11%	64.59%	225.80%	339.97
Ireland View stock monitor	-2.55%	-0.69%	19.56%	21.36%	39.31%	-19.23%	—	97.61
Australia View stock monitor	1.06%	9.27%	19.07%	23.24%	18.92%	-18.28%	—	90.32
Finland View stock monitor	-2.40%	-0.93%	18.87%	20.40%	36.09%	-20.46%	—	94.05
Portugal View stock monitor	-2.65%	-0.87%	18.61%	—	—	—	—	167.35
Kenya	-3.97%	1.52%	18.37%	35.69%	59.33%	46.90%	159.28%	246.12
Netherlands View stock monitor	-2.31%	-1.13%	17.96%	18.53%	33.39%	-21.88%	—	89.25
France View stock monitor	-2.31%	-0.29%	17.73%	15.03%	29.76%	-25.79%	—	89.04
Germany View stock monitor	-2.51%	-1.60%	16.69%	16.06%	29.56%	-21.21%	—	90.44
Serbia	-1.50%	-0.48%	16.52%	25.12%	44.02%	8.28%	15.22%	117.16
Uruguay	-0.23%	1.69%	16.34%	16.43%	24.53%	22.99%	54.25%	148.29
Peru View stock monitor	-1.14%	-0.72%	16.31%	24.76%	40.11%	16.26%	62.64%	132.31
Belgium View stock monitor	-2.26%	-0.79%	15.87%	16.01%	31.63%	-27.19%	—	89.95
Chile View stock monitor	-2.99%	5.91%	15.77%	21.53%	18.26%	-6.21%	6.46%	98.42
Denmark View stock monitor	-3.23%	-2.45%	15.40%	20.12%	35.75%	-18.03%	—	90.56
Guatemala	2.06%	1.93%	14.61%	22.88%	26.83%	12.03%	59.52%	157.38
El Salvador	0.57%	1.46%	13.67%	16.98%	107.58%	41.72%	128.39%	212.52
Azerbaijan	0.61%	1.40%	13.63%	23.68%	32.27%	24.12%	92.95%	187.21
Austria View stock monitor	-2.20%	-1.41%	13.62%	16.24%	31.68%	-29.18%	—	87.38
United Kingdom View stock monitor	-4.05%	2.42%	12.17%	17.55%	33.02%	-29.00%	—	92.86
Costa Rica	1.02%	2.12%	12.10%	19.94%	35.54%	53.34%	152.28%	248.70
China View stock monitor	1.38%	5.50%	11.33%	16.93%	14.60%	7.71%	—	130.24
Bulgaria	2.16%	0.39%	10.83%	—	—	—	—	111.86
Dominican Republic	3.02%	4.62%	10.71%	21.08%	37.28%	34.46%	91.25%	194.74
Jordan	-0.15%	-0.12%	10.34%	24.40%	33.56%	31.57%	—	189.70
Paraguay	1.35%	0.91%	10.31%	21.45%	30.38%	13.52%	81.85%	172.31
Morocco	1.39%	-0.12%	9.91%	19.05%	31.03%	8.06%	34.73%	131.62
Sri Lanka	-0.65%	5.67%	9.03%	45.49%	102.70%	91.34%	81.47%	176.97
Latvia	1.69%	-0.04%	8.44%	—	—	—	—	115.13
Oman	0.90%	-0.29%	7.91%	15.76%	26.78%	36.27%	—	175.35
Jamaica	0.30%	0.70%	7.05%	11.89%	20.01%	16.19%	91.57%	217.22
United Arab Emirates View stock monitor	0.06%	-1.94%	6.76%	13.72%	20.09%	5.72%	—	123.59
Bahrain	-0.17%	-2.32%	6.31%	16.77%	24.83%	26.15%	—	185.32
Saudi Arabia View stock monitor	0.53%	-1.10%	5.95%	13.39%	18.43%	3.36%	—	128.50
Philippines View stock monitor	0.74%	-0.89%	5.78%	11.75%	19.03%	-0.56%	11.26%	118.76
Canada View stock monitor	0.67%	2.60%	5.60%	5.63%	11.42%	-12.28%	—	103.24
Turkey View stock monitor	-0.45%	1.43%	5.35%	17.31%	9.80%	-20.15%	-22.08%	77.42
Kazakhstan	1.29%	0.37%	5.31%	10.49%	19.05%	4.38%	62.66%	170.43
New Zealand View stock monitor	-2.51%	2.11%	5.10%	6.38%	9.87%	—	—	100.78
Trinidad and Tobago	—	—	4.76%	10.45%	18.77%	15.47%	—	146.01
Indonesia View stock monitor	-0.05%	-0.54%	3.18%	8.18%	14.58%	11.66%	49.22%	150.03
India View stock monitor	-1.70%	-6.49%	-8.43%	—	—	—	—	92.62
Japan View stock monitor	0.63%	-9.96%	-17.35%	-22.98%	-35.26%	-63.04%	—	32.81
Senegal	2.46%	-9.46%	-18.03%	-12.10%	3.96%	-12.77%	—	118.75
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%	227.49%	348.54%	135.91%	4.25%
Trinidad and Tobago	4.55%	30.63%	5.89%	22.72%	19.31%	28.74%
Bolivia	3.47%	21.10%	99.86%	196.16%	175.36%	4.75%
Ecuador	0.12%	17.92%	84.33%	323.82%	351.03%	-9.07%
Ukraine	0.80%	17.02%	31.45%	267.40%	21.64%	-5.26%
Malaysia View stock monitor	0.02%	9.81%	25.60%	42.48%	23.57%	6.27%
Ghana	7.53%	9.44%	18.84%	68.53%	2.18%	3.73%
Australia View stock monitor	0.76%	7.16%	17.09%	21.68%	-11.60%	5.35%
Cameroon	2.15%	6.27%	—	—	—	—
Sri Lanka	-0.65%	5.67%	9.03%	102.70%	91.34%	-2.89%
Nigeria	0.81%	5.56%	23.85%	78.80%	59.29%	-1.01%
Argentina	0.49%	5.55%	15.30%	172.10%	304.75%	-8.79%
Angola	1.44%	5.30%	19.47%	50.74%	64.19%	1.07%
Norway View stock monitor	-0.17%	4.90%	31.29%	29.95%	-14.74%	2.41%
Moldova	0.11%	4.54%	11.62%	102.64%	—	-4.01%
Dominican Republic	2.91%	4.44%	10.62%	37.16%	34.34%	1.34%
South Africa View stock monitor	-1.03%	4.32%	18.57%	50.13%	40.58%	0.14%
Israel View stock monitor	0.08%	4.03%	21.73%	47.47%	30.74%	0.07%
Chile View stock monitor	-0.45%	2.99%	11.96%	26.64%	7.98%	0.77%
China View stock monitor	1.08%	2.97%	10.61%	15.44%	18.16%	1.68%
Panama	2.27%	2.96%	18.69%	31.93%	11.34%	0.30%
Egypt View stock monitor	-0.58%	2.76%	22.66%	107.69%	6.32%	-6.22%
Togo	1.05%	2.61%	—	4.62%	14.55%	2.22%
Guatemala	1.49%	2.49%	13.07%	37.21%	23.10%	-0.61%
Thailand View stock monitor	0.76%	2.44%	16.70%	35.23%	8.50%	-0.49%
Democratic Rep of Congo	0.19%	2.34%	—	—	-4.85%	—
Romania	-1.56%	2.27%	22.31%	40.77%	8.50%	-1.13%
Costa Rica	1.02%	2.12%	12.10%	35.54%	53.34%	-0.85%
New Zealand View stock monitor	-2.51%	2.11%	5.10%	9.87%	—	1.29%
Barbados	0.73%	2.02%	7.15%	25.81%	—	-0.13%
Slovenia	-2.85%	1.93%	30.58%	—	—	—
Mexico View stock monitor	0.10%	1.88%	15.32%	36.00%	26.91%	-1.12%
Zambia	-0.83%	1.84%	15.77%	70.50%	80.03%	-4.03%
Pakistan	-1.06%	1.75%	22.18%	276.40%	118.79%	-21.28%
Jamaica	0.17%	1.73%	8.74%	25.75%	35.85%	-0.42%
Hong Kong View stock monitor	0.57%	1.72%	8.34%	28.17%	21.62%	-0.63%
Uruguay	-0.23%	1.69%	16.34%	24.53%	22.99%	-0.35%
Turkey View stock monitor	-0.30%	1.66%	6.61%	20.39%	2.24%	-0.04%
United Kingdom View stock monitor	-3.44%	1.57%	13.49%	44.52%	-4.67%	-2.14%
Kenya	-3.97%	1.52%	18.37%	59.33%	46.90%	-3.43%
Burkina Faso	0.50%	1.50%	6.02%	45.50%	—	-2.29%
El Salvador	0.57%	1.46%	13.67%	107.58%	41.72%	-7.51%
Sweden View stock monitor	-3.12%	1.45%	30.86%	59.64%	1.77%	-3.52%
Azerbaijan	0.61%	1.40%	13.59%	30.90%	26.26%	-1.17%
Madagascar	0.14%	1.33%	—	—	—	—
Paraguay	1.33%	1.31%	10.96%	36.59%	25.37%	-1.74%
Macau	0.11%	1.25%	11.03%	41.95%	42.50%	-2.25%
Kazakhstan	1.31%	1.21%	9.66%	36.75%	16.80%	-1.86%
Canada View stock monitor	-0.05%	1.20%	6.52%	26.50%	12.54%	-1.01%
Singapore View stock monitor	-0.21%	1.17%	13.09%	33.92%	23.52%	-1.66%
Korea (South) View stock monitor	0.43%	1.16%	6.61%	25.71%	17.58%	-0.98%
France View stock monitor	-2.58%	0.84%	22.99%	37.35%	-8.09%	-2.27%
Tanzania	0.51%	0.78%	8.14%	33.52%	—	-2.01%
Kuwait View stock monitor	0.09%	0.76%	8.01%	31.94%	27.85%	-1.91%
United States View stock monitor	-0.08%	0.69%	7.86%	37.80%	31.41%	-2.46%
Taiwan View stock monitor	0.88%	0.63%	7.58%	25.70%	12.62%	-1.51%
Qatar View stock monitor	0.09%	0.58%	6.32%	21.50%	11.32%	-1.21%
Brazil View stock monitor	-0.90%	0.45%	8.22%	32.76%	26.84%	-2.28%
Bulgaria	2.16%	0.39%	10.83%	—	—	—
Hungary View stock monitor	-3.71%	0.31%	29.36%	55.56%	-2.15%	-4.32%
Colombia View stock monitor	-1.39%	0.13%	18.02%	66.36%	39.85%	-5.40%
Morocco	1.29%	0.11%	11.75%	35.92%	19.08%	-2.89%
Latvia	1.69%	-0.04%	8.44%	—	—	—
Jordan	0.06%	-0.04%	9.96%	33.20%	31.04%	-2.81%
Denmark View stock monitor	-3.08%	-0.09%	19.55%	40.94%	-13.52%	-3.50%
Jersey	-8.00%	-0.10%	1.83%	22.41%	—	-1.97%
Serbia	-1.18%	-0.15%	17.01%	44.72%	8.80%	-3.88%
Philippines View stock monitor	0.63%	-0.21%	6.61%	28.39%	15.16%	-2.58%
Poland View stock monitor	-3.00%	-0.25%	21.18%	60.58%	10.30%	-5.30%
Oman	0.68%	-0.25%	7.58%	25.76%	34.60%	-2.40%
Peru View stock monitor	-0.56%	-0.40%	14.48%	39.55%	21.59%	-3.69%
Ireland View stock monitor	-2.41%	-0.46%	16.13%	38.52%	-12.03%	-3.67%
Spain View stock monitor	-2.62%	-0.52%	21.87%	44.61%	-7.30%	-4.24%
Indonesia View stock monitor	-0.00%	-0.56%	3.95%	18.71%	14.69%	-2.12%
Germany View stock monitor	-2.52%	-0.56%	20.45%	40.40%	-5.72%	-3.93%
Saudi Arabia View stock monitor	0.34%	-0.59%	6.26%	20.30%	8.93%	-2.28%
Netherlands View stock monitor	-2.45%	-0.61%	19.46%	43.76%	0.38%	-4.26%
Switzerland View stock monitor	-1.73%	-0.67%	15.39%	49.03%	33.47%	-4.75%
Czech Republic View stock monitor	-4.08%	-0.69%	30.71%	36.95%	13.96%	-3.77%
Greece View stock monitor	-3.30%	-0.70%	25.29%	57.40%	42.27%	-5.48%
Portugal View stock monitor	-2.80%	-0.70%	21.85%	54.64%	21.78%	-5.25%
United Arab Emirates View stock monitor	-0.33%	-0.81%	6.42%	20.68%	12.53%	-2.53%
Belgium View stock monitor	-2.34%	-0.88%	16.13%	32.61%	-24.35%	-3.60%
Finland View stock monitor	-2.47%	-0.92%	19.77%	37.65%	-16.22%	-4.05%
Luxembourg	-2.51%	-0.93%	3.60%	23.81%	-0.20%	-2.91%
Italy View stock monitor	-3.14%	-0.96%	22.91%	47.60%	-1.39%	-4.93%
Austria View stock monitor	-2.25%	-1.32%	14.72%	33.68%	-25.96%	-4.13%
India View stock monitor	-0.51%	-1.64%	2.59%	28.93%	22.43%	-4.05%
Bahrain	-0.21%	-1.91%	6.51%	25.06%	27.51%	-3.99%
Japan View stock monitor	0.45%	-9.27%	-15.84%	-32.63%	-61.32%	-6.55%
Senegal	2.46%	-9.46%	-18.03%	3.96%	-12.77%	-9.79%
Armenia	—	—	—	—	—	—
Benin	—	—	—	—	—	—
Cayman Islands	-0.30%	—	3.60%	—	-12.28%	—
Suriname	-0.57%	—	—	—	—	—

Sector	1M	3M	1Y	3Y	5Y	Flow Score
Energy	0.75%	2.79%	9.26%	33.37%	39.43%	0.01%
Structured / Other	-1.59%	1.90%	11.92%	37.40%	25.09%	-1.21%
Real Estate	-0.02%	1.89%	14.66%	44.69%	36.78%	-1.83%
Utilities	0.03%	1.59%	12.36%	39.88%	28.51%	-1.74%
Consumer Non-Cyclical	-1.01%	1.01%	12.09%	42.13%	23.27%	-2.50%
Communications	-1.16%	0.89%	14.92%	51.00%	29.56%	-3.36%
Financials	-0.39%	0.74%	8.35%	29.27%	22.68%	-1.70%
Consumer Cyclical	-0.74%	0.57%	12.01%	42.57%	30.33%	-2.98%
Industrials	-0.48%	0.55%	7.53%	34.85%	22.44%	-2.36%
Agency	0.43%	0.31%	7.92%	31.57%	27.91%	-2.32%
Sovereign	-0.85%	0.08%	12.35%	25.84%	-10.07%	-2.08%
Technology	-0.87%	-2.35%	5.25%	29.19%	19.99%	-4.78%

Midlincoln Fixed Income Allocation Monitor

Executive Summary

Country Performance Matrix (Sovereign)

Top Countries (Index Level — last 36 months)

Country Allocation Momentum (Aggregate Index)

Sector Allocation Momentum (Aggregate Index)