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"Nowhere to hide": Bond managers lag benchmark in rare misfire

Active bond managers are licking their wounds amid this year’s historic fixed-income rout and are banking on a big rebound in 2023 to show their worth.

“There’s been nowhere to hide in 2022 and cash was king,” said Jack McIntyre, a portfolio manager at Brandywine Global Investment Management. | Photo: Thomas Borberg

Roughly 60% of the funds pegged to Bloomberg’s flagship bond-market index have trailed the benchmark this year, the worst showing since 2018.

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