I see a chart like this, and the value hunter in me, cannot help but see an opportunity. This fund is plumbing its all time lows.
But then I look at a chart like this, and think, well maybe all time lows when the history is only from 2010 forward, is irrelevant (maybe even dangerous) given the macro squishing that could happen if large flows / rate trends reverse (i.e. return to more normal levels).
The vast majority of interest rate history is above, not below, where we are today.
Source: Visual Capitalist