主动管理债券基金今年表现惨淡 低费率产品仍具长期配置价值

Core Insights - Despite poor performance in 2023, actively managed bond funds remain a key option for investors seeking stable returns, with over $4 trillion currently invested in these funds [1] - Only 31% of actively managed bond funds outperformed their index counterparts over the past year, a significant drop from 62% the previous year [1] - In the corporate bond sector, only 4% of actively managed funds outperformed passive funds, down from 64% last year, indicating a severe decline in performance [1][2] Performance Analysis - The underperformance of bond funds is attributed to managers struggling to navigate market volatility related to tariffs and geopolitical risks, which led to widening credit spreads [2] - Over the past decade, the average annualized return for intermediate bond funds was 2.1%, compared to 1.7% for similar passive funds, suggesting long-term attractiveness for actively managed funds [2] - Among the lowest-cost 20% of funds, the average return reached 2.4%, highlighting the potential for excess returns if investors focus on cost control [2] Fund Examples - Notable funds with strong 10-year performance include Fidelity Investment Grade Bond Fund, managing $10.4 billion with an expense ratio of 0.44% and an average annualized return of 2.31% [3] - The American Bond Fund, managing $94 billion with an expense ratio of 0.24%, also achieved a 10-year average annualized return of 2.31%, making it suitable for long-term holding [3]