Many people find single bonds easier to understand than bond funds. For example, people ask why does the price change? If bond yields are now higher why isn’t the income as high as current yields? How can we gauge the risks of a bond fund and its potential future returns? What does the duration of a bond fund mean? What are the benefits and risks of corporate bonds over government bonds? Should we currency hedge bonds and how much risk does this remove? In this explainer, I address these questions.