Bonds Are Back. Where Vanguard’s Bond Boss Sees Value Now.


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Sara Devereux is global head of the fixed-income group at Vanguard, the world’s second-largest asset manager.

Photograph by Michelle Gustafson

After a lousy year for bonds in 2022, the outlook is better. So much better that Sara Devereux, global head of the fixed-income group at Vanguard, has taken to sporting a button around the office declaring, “Bonds Are Back.”