There have been instances where the passive approach to bond investing produced significant underperformance relative to a benchmark. Index funds are at a significant disadvantage to active portfolios in which managers incorporate valuation into their decision making process. The many nuances and inefficiencies of the fixed income market create both difficulties for indexing and opportunities
Carl Pappo, Head of Core Fixed Income
Carl W. Pappo is Head of Core Fixed Income for Columbia Management. The Core team manages Core, Core Plus and Liability Driven Investment portfolios. He also leads the Columbia Management Core Strategy Team. Mr. Pappo manages a number of intermediate-term mutual funds, institutional portfolios and manages the investment-grade credit sector for the team. Previously, he has held positions at the company managing investment grade research, managing core institutional portfolios and as a trader for various fixed income sectors. He joined the firm in 1992 and has been a member of the investment community since 1992.
Mr. Pappo earned a B.S. from Babson College. He is a member of the Boston Security Analysts Society. In addition, he holds the Chartered Financial Analyst designation.