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David - you mentioned or had written that TCW had filed for a Global Bond fund....do you think this is the same fund since it does have a global mandate or is the Global Bond fund you mentioned actually different from this one that just launched?
The link Ken posted refers to the "MetWest Unconstrained Bond Fund (MWCRX, MWCIX) ...." The SEC site has a filing for a fund specifically named "TCW Global Bond Fund," so they're apparently different funds.
Not addressing the MetWest launch specifically, but unconstrained bond funds are all the rage now. Just as every fund group has or will have a global allocation fund, imitating Ivy Asset Startegy and others that have been around a while, there now seems to be some rule that companies must also have a go-anywhere bond fund. I would suggest that go-anywhere should also include "or not", to mean the ability to take short positions or use hedging if management thinks it is prudent. BlackRock, Eaton Vance, Goldman, and others have used this approach, and it seems to make sense. Then you have Loomis Sayles Absolute Return, that is essentially a long-short bond fund. These are not your father's bond funds, and for that we should be thankful. When interest rates rise, and they will, having great flexibility in what you can own, when you own it, and even the ability to bet against a part of the bond market, could prove very important. But management better have some darned good talent and the staff to pull it off.
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Thanks.