High Grade Core Intermediate 3rd Quarter 2008
In the financial maelstrom that engulfed the U.S. markets during the 3rd quarter, no sector was immune. Even conservative, intermediate maturity fixed income instruments were buffeted by severe dislocations and bouts of illiquidity.
For the first nine months of the year ending September 30th, the Lehman Intermediate Aggregate Index posted a 1.24% return. While the benchmark’s positive return may seem a soothing number in the context of severely negative returns from equities, commodities, and many formerly absolute.