When interest rates begin to come back I understand that the NAV of bond funds will drop. My question is how much of a concern is this for a buy and hold investor? Will the NAV come back as the bonds in the fund mature and are replaced with newer bonds paying a higher rate of interest or do you loose because your NAV is now smaller and you have less buying power and there for a smaller piece of the fund? I'm confused. ThanksBobEjoe
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