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BOND MATH: The Theory Behind the Formulas by Donald J. Smith

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Closing Thoughts: Target-Duration Bond Funds

I would like to close this book with a request to readers who might have some influence in the real world. There have been many innovations in the asset management industry over the years, including stock-index funds, industry-specific equity funds, exchange-traded funds, and, recently, target-date retirement funds. From my perspective as a conservative investor, I keep waiting for what seems to me to be the obvious next step—target-duration bond funds.

Fixed-income bond funds typically are identified by: issuer type to signal credit risk—government, agency, (investment-grade) corporate, or high yield—and average maturity to signal interest rate risk—ultra-short, short-term, intermediate-term, or long-term. ...

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