white papers

Why Intermediate Bonds? Maximizing Risk-Adjusted Yield

With a normalized yield curve and the Fed cutting interest rates, longer-duration bonds may look appealing. But are they really worth the extra risk?

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How to spot red flags in stock research

Our U.S. Equity Team is committed to identifying high-quality companies while avoiding companies with "red flags” that could compromise a stock's long-term value. In this paper, we outline common red flags encountered in our research.

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Market Expectations for Rate Cuts Have Changed: Now What?

Bonds have been repriced across the yield curve. So, now what? Do you choose "risk-free" cash over bonds, or do you consider two important risks that come with it?

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Bonds Are Back: Where to Find Value Ahead of Potential Rate Cuts

The fixed income teams at Madison Investments recently published several white papers that discuss how math in the bond markets has dramatically improved for investors. They also highlighted how the intermediate (1-10 year range) part of the yield curve could be the “sweet spot” amid potential interest rate cuts. In this article, we revisit these arguments and introduce additional insights for our readers.

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Liquidity Risk

Imagine a crowded room with just one exit. If everyone suddenly had to leave, those close to the exit would be fine, but it would be chaotic for others. This is similar to bond liquidity, which is like the available exits. When bonds are highly liquid, investors can smoothly come and go without a hitch. But when liquidity is low, it's like many investors trying to exit through one door. This article delves into bond market liquidity and its effects.

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Bond Concepts Series

Learn the nuances of fixed income investing, including the risks, opportunities, and investment styles.

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Interest Rate Risk: Understanding Duration and Convexity

Most people look at the maturity of a bond to gauge the security’s risk. Maturity, however, only looks at the time until repayment of principal. To accurately measure a security’s risk, both principal and coupon payments must be considered. The use of two metrics better defines a security’s risk: Duration and Convexity.

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Active Management of Bond Risks

Building a bond portfolio with a desired risk-to-reward profile is more complex than simply buying bonds and holding them to maturity. Understanding the risks in fixed income can help an investor avoid pitfalls while optimizing opportunities in pursuit of long-term goals. An investor must determine the maturities, structure, sectors, and credit qualities appropriate for a given risk tolerance and consider how the bonds fit in an overall portfolio.

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“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC (“MAM”), and Madison Investment Advisors, LLC (“MIA”). MAM and MIA are registered as investment advisers with the U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300.

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