New Bond Issuance: The Active Management Advantage

New equity offerings can garner media buzz. Think of recent initial public offerings (IPOs) by Snapchat, Alibaba and Visa. Business media enthuse, investors clamor, and share prices often rise, at least initially. The fixed income market equivalent – new bonds coming...

Bonds Are Different: The Active Advantage

Ask an investor if most active bond funds outperform their passive counterparts and the response is likely to be “no.” After all, if one investor beats the market, another must lag it. Active strategies incur higher fees, so the majority should...