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2013: Reflections on a "Rates Up" Year

January 9, 2014
John Behof

We can broadly divide fixed-income portfolio managers into two camps—those who follow a long-term disciplined strategy and are relatively agnostic about the timing of rate movements, and those who try to time the market. The year 2013 resulted in one of the most rapid rate sell-offs in professional memory, and many “market-timers” saw their strategy pay off. But does the data show that this strategy has been a success for them—or costly and risky even given the occurrence of this 2013 “pay off?”

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