This paper documents a high and increasing capital concentration in the bond fund industry over the past three decades …. Large funds deliver better performance and receive larger inflows than small funds, which explains the concentration of bond … PIMCO in 2014, we show that bond return volatility increases (decreases) with trading fund size when the aggregate market …

In their seminal paper on bond fund performance, Blake, Elton and Gruber (1993) state that survivorship bias is … unimportant for this market segment. Many bond fund studies have since been published without treating survivorship bias despite … disappearance of bond funds comprehensively. As key determinants we identify fund size and flows. Compared to equity funds, returns …