Our Privacy Statment & Cookie Policy

All LSEG websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.

January 9, 2024


by Jack Fischer.

Fixed income funds realized a return of positive 6.06% on average during the fourth quarter of 2023, marking a rebound from their third quarter loss (-1.70%). Fixed income funds have now reported four quarterly gains in the last five.

Tax-exempt bond funds (+6.79%) outperformed taxable bond funds (+5.81%) for the first time all year as they recorded their second largest quarterly return on record, trailing only Q3 2009 (+7.73%). Despite the nearly 100 basis point (bps) outperformance, taxable bond funds returned their highest quarterly return since Q2 2020.


  • All 51 Lipper fixed income classifications ended the fourth quarter with gains—only 11 posted a plus-side return in Q3.
  • Passive funds returned a positive 6.19% compared to active’s 6.05% gain over the last three months.
  • The top-performing Lipper classifications were Alternative Currency Strategies funds (+18.95%), Emerging Markets Hard Currency Debt funds, (+8.75%), and New York Municipal Debt funds (+8.56%).

Click here or the Download Full Report link in the upper right-hand column of this page to download the Fourth Quarter 2023 FundMarket Insight Report: TAX-EXEMPT BOND FUNDS HIT SECOND HIGHEST QUARTERLY RETURN AS FIXED INCOME REBOUNDS FROM Q3 LOSS

LSEG Lipper delivers data on more than 330,000 collective investments in 113 countries. Find out more.

Join a growing community of asset managers and stay up to date with the latest research from Refinitiv and partners to help you inform your investment decisions. Follow our Asset Management LinkedIn showcase page.

Get In Touch


Related Reports

  Equity mutual funds and ETFs celebrated their fifth quarterly gain in ...

Since the outflows of €100.3 bn for the year 2023 marked the highest outflows from ...

The LSEG U.S. Retail and Restaurant Q2 earnings index, which tracks changes in the growth ...

The European ETF industry enjoyed inflows over the course of April 2023. These inflows ...

We have updated our Privacy Statement. Before you continue, please read our new Privacy Statement and familiarize yourself with the terms.x