Fixed-income investing

For decades, investors have turned to the bond markets to add stability to their portfolios and to generate steady income. But after the unprecedented volatility in 2008 and 2009, and with interest rates today near historic lows, we believe today's fixed-income opportunities require an active approach.

Investors cannot depend on declining interest rates to drive future returns

For more than 25 years, declining interest rates have driven bond prices higher across a range of sectors. With interest rates still artificially low due to massive policy intervention, any strategy that relies on this trend continuing could be a risky proposition.

Investors cannot depend on declining interest rates to drive future returns

Sources: U.S. Department of the Treasury, U.S. Federal Reserve, as of 9/30/12. Past performance is not indicative of future results.