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| TOTAL RETURN ORIENTED |
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- We invest in bonds for coupon interest plus price appreciation,
when available.
- Falling bond rates cause bond prices to rise, and vice
versa.
- Longer maturity bonds have a greater price response to interest
rate changes than short maturities.
- So, when we expect rates to fall, we lengthen the average
maturity of our holdings, and we shorten the average maturity when we expect
rates to rise.
- Shift funds from "expensive" sectors to "cheap" sectors using
spread analysis
- Superior long-term returns
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