Total Return Bond Fund – Latest Commentary
Commentary as of June 30, 2018 (Click on the link to view all fund commentaries)
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Steven Wald - Total Return Bond Fund (April 2018)
Bloomberg Barclays U.S. Aggregate Bond Index is an index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an index.
Diversification does not assure a profit, nor does it protect against a loss in a declining market.
Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.
Effective Duration calculates the expected price decline for a bond when interest rates rise by 1%. All else equal, the longer the maturity of a bond, the larger its effective duration. However, the value of the effective duration will always be lower than the maturity of the bond.
Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
