FYI: Friday’s column noted that, for the first time ever, Vanguard Total Bond Market Index (VBMFX) lags its actively managed rivals over the long term. From its 1986 inception, the fund had always beaten the trailing 10-year average return for intermediate-term bond funds. Until this summer, that is. In June, the index fund slipped below the norm. Since then, its 10-year Morningstar Category ranking has plummeted, such that the fund now ranks in the bottom quintile (!).
Regards,
Ted
https://www.morningstar.com/articles/903467/to-index-bonds-or-not.html
