Over the last decade or so, many corporate pension plan sponsors have shifted to a liability driven investment (LDI) framework, managing risk by hedging a portion or all of the interest-rate and credit-spread exposure of a plan's liabilities with long-duration investment-grade corporate bonds. Plan sponsors adopting or continuing an LDI program must decide whether to use an active or a passive approach toward managing that portfolio. This article argues that actively managed long-duration bond portfolios may have compelling advantages well beyond the potential for excess return.view more white papers
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