July 2011
Beginner
288 pages
7h 22m
English
Content preview from BOND MATH: The Theory Behind the FormulasBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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CHAPTER 10
Bond Strategies
Bond investment strategies usually are described as being either passive or active. However, I prefer the dichotomy to be “passive” or “aggressive” to focus attention on managerial intent rather than frequency of trading. Some passive strategies—for instance, tracking the performance of some published bond index or targeting a preset rate of return over a known investment horizon—require active trading to rebalance the portfolio. Trades in a passively managed bond fund are about “needs” and not “wants.”
In contrast, an aggressively managed bond portfolio seeks to maximize the rate of return, typically over a given time period. For example, a fixed-income mutual fund manager focuses on changes in net asset value, subject ...
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