Bond ladder and money market funds

OldScientist

Just to add to @zagfles post

For nominal gilts held to maturity the nominal cashflows are known at purchase. However, the inflation adjusted (real) cashflows are not known

For IL gilts held to maturity, the real cashflows are known at purchase, but the nominal cashflows are unknown (and, assuming persistent deflation, yes, nominal par can be below £100*).

For MMF, future nominal and real cashflows are unknown.

* AFAIK, this is different to US TIPS, where the par value cannot fall below $100 nominal)