Ann: Video update from Chief Investment Officer and Chairman, page-72

shall i send you the invoice for the finance lesson?

What is a bond proxy?
‘Bond proxy’ describes equities, such as consumer staples and utilities, with safe, predictable returns.

Companies holding the bond proxy name tend to generate strong cash flows and high returns on their invested capital. These returns can either be reinvested by the business, used to enhance shareholder growth or used to increase dividends.

Another possible advantage is that they may possess barriers to entry that allow these companies to continually outperform their peers. These barriers may be intellectual property, such as patents, or brands that are difficult to replicate, such as Microsoft, Johnson & Johnson, Nestlé or Unilever. Infrastructure assets, particularly listed infrastructure companies, can offer a revenue stream similar to bonds.

sounds to me like alot of the defensives and infrastructure investments are bond proxies.