Private wealth investors are refusing to abandon fixed income strategies despite US 10-year Treasury yields surging past 5%, relying on elevated yields to absorb short-term NAV drawdowns as recession fears recede, according to Union Bancaire Privée (UBP). Philippe Gräub, UBP “When you look at most of the [fixed income] strategies, year-to-date return is between 0-4%. [Clients] see income and they…