While the above table indicates that traditional investment
grade bonds represented by the Barclays U.S. Aggregate are the least correlated to the S&P 500 and offer the best downside protection, that might not always be the case going forward.
Investment -
grade bonds represented by the Bloomberg Barclays investment - grade Index, consisting of publicly issued, fixed rate, non-convertible investment grade debt securities.
Investment -
grade bonds represented by the Bloomberg Barclays investment - grade Index, consisting of publicly issued, fixed rate, non-convertible investment grade debt securities.
Not exact matches
Investment
Grade Corporate
Bonds are represented by the Bloomberg Barclays U.S. Corporate Investment Grade Index which measures the performance of investment grade corporate b
Bonds are
represented by the Bloomberg Barclays U.S. Corporate Investment
Grade Index which measures the performance of investment
grade corporate
bondsbonds.
High Yield
Bonds are
represented by the Bloomberg Barclays Corporate High Yield Index, which covers the USD - denominated, non-investment
grade, fixed - rate, taxable corporate
bond market.
Bonds are
represented by the Barclays U.S. Aggregate
Bond Index, an unmanaged index generally considered representative of the broad, U.S., investment -
grade fixed - income market.
The Barclays US Treasury
Bond Index is a market capitalization weighted index that is often used to
represent investment
grade bonds being traded in the United States.
For those investment
grade and high yield
bonds that are considered liquid,
represented by constituents in Markit iBoxx $ Liquid Investment
Grade and High Yield Indexes, they only trade 3 - 4 times per day on average.
DEX Universe
Bond Index: With over 1,000
bonds represented, this index has broad representation from investment -
grade bonds issued by Canadian companies and by government - sector issuers.
The indices themselves are designed to
represent the performance of a held - to - maturity portfolio of investment -
grade corporate
bonds with effective maturities in one specific year (e.g. an index of
bonds maturing in 2016).
Investment -
grade corporate
bonds, as measured by the S&P U.S. Issued Investment
Grade Corporate
Bond Index, are up 0.09 % for the month, while lower quality high - yield
bonds represented by the S&P U.S. Issued High Yield Corporate
Bond Index are up 0.7 % on the month.
High - yield
bonds are
represented by the Bloomberg Barclays US Corporate High Yield Index, which is an unmanaged, broad - based market - value - weighted index that tracks the total return performance of non-investment
grade, fixed - rate, publicly placed, dollar - denominated and nonconvertible debt registered with the Securities and Exchange Commission.
The Bloomberg Barclays U.S. Municipal
Bond Index (representing U.S. Muni Bonds) is a broad - based benchmark that measures the investment grade, U.S. Dollar - denominated, fixed tax exempt bond mar
Bond Index (
representing U.S. Muni
Bonds) is a broad - based benchmark that measures the investment
grade, U.S. Dollar - denominated, fixed tax exempt
bond mar
bond market.
The index
represents typical duration for the broad investment
grade bond market.
Bloomberg Barclays U.S. Aggregate
Bond Index (Representing Investment Grade Bonds): The Bloomberg Barclays U.S. Aggregate Bond Index is an index of the U.S. investment - grade fixed - rate bond market, including both government and corporate bo
Bond Index (
Representing Investment
Grade Bonds): The Bloomberg Barclays U.S. Aggregate Bond Index is an index of the U.S. investment - grade fixed - rate bond market, including both government and corporate b
Bonds): The Bloomberg Barclays U.S. Aggregate
Bond Index is an index of the U.S. investment - grade fixed - rate bond market, including both government and corporate bo
Bond Index is an index of the U.S. investment -
grade fixed - rate
bond market, including both government and corporate bo
bond market, including both government and corporate
bondsbonds.
While many people are familiar with the large company stocks
represented by the S&P 500 and investment -
grade corporate
bonds, the investment universe is much bigger than these two asset classes.
The Bloomberg Barclays U.S. Aggregate
Bond Index is an unmanaged index
representing more than 5,000 taxable government, investment -
grade corporate and mortgage - backed securities.
After all, the investment -
grade bond market (
represented in the table by the Bloomberg Barclays Aggregate
bond index) posted the lowest annual return more often than any other asset class, nine times over this 20 - year stretch.
High yield, as measured by the S&P U.S. High Yield Corporate
Bond Index and the S&P / LSTA U.S. Leveraged Loan 100 Index, which
represents speculative -
grade senior secured bank loans, was less driven by Europe's news.
Yields for investment
grade U.S. Corporate and municipal
bonds represented by Yield to Worst as we end 2016: (Data as of December 29, 2016)
The Index excludes those sectors of the municipal
bond market that have historically
represented higher risks when compared to investment
grade General Obligation and essential purpose
bonds.
Through its ownership of the two
bond funds, the Portfolio also indirectly holds a mix of
bonds — including government, government agency, corporate, securitized non-U.S. investment -
grade fixed income investments and international dollar - denominated
bonds, as well as mortgage - backed and asset - backed securities — that
represents a wide spectrum of public, investment -
grade, taxable, fixed income securities in the United States and abroad, all with maturities of more than 1 year.
The percentages of the Portfolio's assets allocated to each Underlying Fund are: Vanguard ® Total
Bond Market II Index Fund 60 % Vanguard ® Total International Bond Index Fund 15 % Vanguard ® Institutional Total Stock Market Index Fund 17.5 % Vanguard ® Total International Stock Index Fund 7.5 % Through its ownership of the two bond funds, the Portfolio indirectly holds a mix of bonds — including government, government agency, corporate, securitized non-U.S. investment - grade fixed income investments and international dollar - denominated bonds, as well as mortgage - backed and asset - backed securities — that represents a wide spectrum of public, investment - grade, taxable, fixed income securities in the United States and abroad, all with maturities of more than 1 y
Bond Market II Index Fund 60 % Vanguard ® Total International
Bond Index Fund 15 % Vanguard ® Institutional Total Stock Market Index Fund 17.5 % Vanguard ® Total International Stock Index Fund 7.5 % Through its ownership of the two bond funds, the Portfolio indirectly holds a mix of bonds — including government, government agency, corporate, securitized non-U.S. investment - grade fixed income investments and international dollar - denominated bonds, as well as mortgage - backed and asset - backed securities — that represents a wide spectrum of public, investment - grade, taxable, fixed income securities in the United States and abroad, all with maturities of more than 1 y
Bond Index Fund 15 % Vanguard ® Institutional Total Stock Market Index Fund 17.5 % Vanguard ® Total International Stock Index Fund 7.5 % Through its ownership of the two
bond funds, the Portfolio indirectly holds a mix of bonds — including government, government agency, corporate, securitized non-U.S. investment - grade fixed income investments and international dollar - denominated bonds, as well as mortgage - backed and asset - backed securities — that represents a wide spectrum of public, investment - grade, taxable, fixed income securities in the United States and abroad, all with maturities of more than 1 y
bond funds, the Portfolio indirectly holds a mix of
bonds — including government, government agency, corporate, securitized non-U.S. investment -
grade fixed income investments and international dollar - denominated
bonds, as well as mortgage - backed and asset - backed securities — that
represents a wide spectrum of public, investment -
grade, taxable, fixed income securities in the United States and abroad, all with maturities of more than 1 year.
Notes: U.S. stocks
represented by Dow Jones U.S. Total Stock Market Index through April 2005, MSCI US Broad Market Index through June 2013 and CRSP US Total Market Index thereafter; emerging markets stocks are
represented by MSCI Emerging Markets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield
bonds by Bloomberg Barclays U.S. Corporate High Yield
Bond Index; emerging markets
bonds by Bloomberg Barclays EM USD Aggregate Index; investment -
grade corporate
bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury
bonds by Bloomberg Barclays U.S. Treasury
Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international
bonds by Bloomberg Barclays Global Aggregate ex-USD
Bond Index.
She has
represented both underwriters and issuers in a variety of financing transactions, such as initial public offerings, secondary equity offerings, high - yield, investment -
grade and convertible
bond offerings, and debt restructurings.
Her practice includes
representing financial sponsors, corporate borrowers and various lenders on a wide range of transaction types, including leveraged acquisition financings, high - yield
bond issuances, asset - based revolving credit facilities, complex restructurings, debtor - in - possession and exit financings and investment -
grade, unsecured financings.
The Barclays Capital Aggregate
Bond Index, maintained by Barclays Capital, is often used to
represent investment
grade bonds...