PHOENIX — Almost every client investment portfolio holds shares of bond funds to hedge against other investments’ poor performance, provide income, and preserve capital. What’s the best way to choose bond funds and explain those choices and their performance to clients?

Carefully, and with insight, says Venk Reddy, chief investment officer at Zeo Capital Advisers. As they work to ensure that not one risk overwhelms a portfolio, Reddy speaking at NAPFA's spring conference says, advisers must choose: active or passive management? The question is something of a red herring, he asserts. “It’s not about active versus passive,” he says. “It’s about value for money. What are you paying for, and are you getting what you’re paying for?”

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