Already-beleaguered income investors are facing a tough decade. Ten years ago, investors were bemoaning a 3.8% yield on the 10-year Treasury, because a decade before that, they were yielding 6.4%. Recently, 10-year Treasuries yielded 0.88%.

“We are at a pretty bleak starting point for income investors,” says Michael Fredericks, manager of the $16bn BlackRock Multi-Asset Income Portfolio fund.