U.S. institutional tax-exempt investors have continued to invest in core bond strategies. Assets as of Dec. 31 stood at $1.182 trillion, which is the highest level since Pensions & Investments started tracking the data. Core-plus bond strategies, however, have seen declines since peaking at $551 billion in 2012. The largest core fixed-income managers are Vanguard Group Inc., State Street Global Advisors, NISA Investment Advisors LLC, J.P. Morgan Asset Management and BlackRock Inc. Vanguard’s core fixed-income AUM has increased more than $100 billion over the past 10 years to $144.2 billion.
