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9 November 2026
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The money in a bond fund never 'matures' as the manager automatically reinvests both interest and principal, whereas a direct investment in a bond comes to an end on maturity.
Bonds have the most predictable returns of any asset class, yet they are often maligned and misunderstood by market commentators who call them risky. Follow the 13-year life of this April 2015 bond and decide for yourself.
Cuffelinks reader, James, has some additional questions covering: bonds for capital gain or income, bonds in a growth strategy, passive vs active investing, unconstrained bond funds and duration risk.
In response to a reader's question regarding bond funds, we asked our bond guru to explain, in layman's term, the workings of bond funds and what features to look for before investing in this asset class.
Sub-investment grade investments, or ‘junk bonds’, pay well but carry a higher risk of default. If the risk is managed properly, a broad portfolio of high yield securities can be a worthwhile investment option.
Investors should not shun bonds in their portfolios due to a misunderstanding about the potential for earnings to grow at least in line with inflation. Fixed income has a role in inflation risk management.
Politicians are fighting over access to super, but they may be arguing about the wrong thing. The system’s three fundamental flaws have been hiding in plain sight for decades, costing Australians far more than they realise.
Why do some families preserve wealth for generations while others struggle to? As the great wealth transfer unfolds, the determining factor is often not the structure of the estate, but the preparation of those who will inherit it.
For years, bank hybrids have been a cornerstone of portfolio income. With tens of billions of dollars now disappearing from the market, investors face a critical question: what comes next, and are the obvious replacements enough?
What happens when knowledge becomes a commodity? The latest themes emerging from the US tech sector suggest AI could reshape company moats, disrupt incumbents and create winners and losers in unexpected places.
Warren Buffett's departure marks the end of an era. But the more important question for investors is whether Berkshire's culture, discipline and capital allocation framework can survive without the man who built them.
For years, retirees have been told to focus on withdrawal rates. But the real question is far simpler: how many dollars can you safely spend? The answer may be very different from what conventional retirement wisdom suggests.
For more than a decade, investors lived through an era of near-zero interest rates. With bond yields now surging, it's worth asking whether cheap money solved economic problems, or introduced a much larger set of risks.