A former bond trader reviews global fixed-income markets
You know times are good for corporate bonds when portfolio managers keep less than 1 percent of their funds' assets in cash.
Such is the case with Vanguard's Earl McEvoy, who has made a nice living over the years by betting on falling interest rates. As of February 1, his long-term bond fund was the top-performing high-quality corporate bond fund in the US for five, ten and 15 years running, with the fund's five-year annualized return of 9.7 percent outperforming the peer group average of 5.6
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