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John Authers

Bond Anomalies Have Been Around Since Napoleon

Smart beta works for fixed-income as well as stocks, a new paper based on more than two centuries of data argues.

He didn’t have momentum.

He didn’t have momentum.

Photographer: Hulton Archive/Archive Photos/Getty Images

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Let’s assume that you have to invest in bonds. There are obvious reasons why you might not want to do this at present, with historically low yields, but many investors have no choice but to make large allocations to fixed-income. How best to do it? And how to make some sensible decision between bonds without incurring too many costs?