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| OVERVIEW OF BOND MANAGEMENT |
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- Total return oriented (income + capital
appreciation)
- Investment-grade securities to limit credit
risk
- Invest in long-term trends (e.g.
disinflation)
- Modify holdings' maturity and coupon structure around
intermediate economic trends
- Shift funds from "expensive" sectors to "cheap" sectors using
spread analysis
- Superior long-term returns
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