On the recent developments of mutual funds with fixed-income holdings: a systematic review

Bond funds and money market funds hold a sizable portion of fixed-income securities and have experienced considerable growth over the recent decades. Moreover, the global financial crisis (GFC) was a turning point in identifying the hidden risks associated with these mutual funds. Nevertheless, and despite their significance, these funds are dwarfed by numerous studies on equity mutual funds. This paper conducts a systematic review and explores the primary research streams and emerging themes during the GFC and post-GFC. Four main genealogies are identified: performance persistency and active management, green funds, 'funds' flow and flow-performance, and money market funds and financial crisis.