Mauboussin: Active Bond Managers Deserve Their Fees

During the past ten years, active equity funds in the US have suffered $1.1 trillion of cumulative outflows, while flows into passive funds have reached $2.4 billion. The shift from active to passive has not been so pronounced in the bond market, in fact, active managers are still reporting positive flows in this section of the market. During the past decade, active bond funds have seen inflows of roughly $935 billion slightly less than the inflows into passive bond funds of $960 billion.

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