Bonds have continued to flex the power of income. They not only provided stability during the tariff-related volatility, but returns have been solid. In the first half of 2025, broad fixed income indexes have returned between 4% and 7.25%, largely driven by income from higher coupons.

A handful of U.S. technology-related stocks have generated exceptional returns over the past decade, making it hard for active equity funds to outperform. If this concentration unwinds, however, Vanguard’s Oversight & Manager Search team would expect active fund managers to fare much better—especially those with strong stock-picking outside these mega-cap tech names.

Within Vanguard’s Fixed Income Group, experienced credit analysts work side by side with portfolio managers and traders to deliver attractive risk-adjusted returns for shareholders. Colleen Cunniffe, co-head of global taxable credit research, and Nathan Will, head of municipal credit research, discuss what makes their teams tick and the benefits of their integrated, collaborative process.

For more than two decades, Vanguard’s How America Saves report has highlighted the strides retirement plan sponsors have made toward enhanced plan design and improved participant behaviors. “The progress is remarkable—and for that we’d like to say ‘thank you’ to our plan sponsors,” said lead author Jeff Clark, previewing the results featured in the 2025 issue. “The data in How America Saves are really a reflection of the actions and decisions that our clients have made.”