We tend to look at mutual funds through the window of total return (less sophisticated people - not on this forum sometimes look at yield). However, a fund that has a high total return, lets say a high yield or emerging market bond fund will tend to have high volatility and correlation with US equity prices. In other words, they don't provide the same benefits as a good old fashioned core bond fund. If the stock market tanks again, you'll be happy is part of your portfolio is in a core bond funds.
Here is a link to Learn Bonds' Favorite core bond funds:
http://www.learnbonds.com/5-bond-funds-that-everyone-should-consider/
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