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Tax-Aware Bond: Fixed Income for All Cycles

April 2019 
By Andrew Chorlton, Julio Bonilla, and Bill Callahan, CFA, of Schroders Investment Management

Investors may want to consider a high-quality, tax-efficient core fixed-income solution that seeks to generate returns without taking on excessive risk.

Andrew Chorlton
Portfolio Manager
Hartford Schroders Tax-Aware Bond Fund
Julio Bonilla
Portfolio Manager
Hartford Schroders Tax-Aware Bond Fund
Bill Callahan, CFA
Investment Strategist


For the past several decades, US intermediate-term bond funds provided income and total return with relatively low volatility. However, the Federal Reserve’s (Fed) introduction of quantitative easing (QE) after the global financial crisis altered the risk-and-return characteristics of the fixed-income assets investors had come to rely on. As QE pushed bond prices higher and yields lower, investors added more duration and credit risk to pursue the yields they were accustomed to. 

Important Risks: Investing involves risk, including the possible loss of principal. There is no assurance that the investment process will consistently lead to successful investing. • Fixed income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall.

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