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Vanguard, Eaton Vance Chart Diverging Paths On Interest Rate Risk
Like her one-time mentor, Dan Fuss, Kathleen Gaffney apparently thinks all of the sweet bond fruit is picked over and the market is ripe for a correction.
As of 6.30.14, EVBAX looks to have 20% cash reserves, about 25% of its assets in non-US bonds (developed/EM), almost 18% in common stocks,12% convertibles, nearly 10% HY and less than 8% investment grade corporate bonds. 0.0% in US government-related bonds.
Been burned before by "go anywhere" managers who go the wrong way......
So have I. And then you get the wonderful explanation: "We were underweight x and y, which were the two strongest areas of the market; we were overweight c and d, which were the weakest areas of the market"
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As of 6.30.14, EVBAX looks to have 20% cash reserves, about 25% of its assets in non-US bonds (developed/EM), almost 18% in common stocks,12% convertibles, nearly 10% HY and less than 8% investment grade corporate bonds. 0.0% in US government-related bonds.
And then you get the wonderful explanation: "We were underweight x and y, which were the two strongest areas of the market; we were overweight c and d, which were the weakest areas of the market"