In Thursday's Wall Street Journal Fund Track column, Daisy Maxey notes that investors' continued attraction to bonds comes as a surprise even to bond fund managers. Maxey picked up on data from Lipper FMI showing that from January through October 7, investors sank $228.7 billion into taxable bond funds and $63 billion into municipal-bond funds.

"We're not seeing anything at all on the equity side," Paul Lefurgey, lead fixed-income manager at Madison Investment Advisors and Madison Mosaic Funds, told Maxey. "I don't think the retail investor has moved back into the equity market in any kind of size at this point, which is surprising."

Others quoted in the article are Dave Albrycht, multisector fixed-income strategist at Goodwin Capital Advisers and manager of the $2 billion Virtus Multi-Sector Short-Term Bond Fund, and Miriam Sjoblom, associate director of fund analysis at Morningstar.  

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