FYI: It’s been nearly two months since “bond king” Bill Gross abruptly left PIMCO, the firm he co-founded, amid a flurry of controversy. PIMCO experienced record asset outflows in the month following Gross joining rival Janus, and with Gross leaving PIMCO to manage a much smaller unconstrained bond fund, media attention suddenly focused on the once-niche area of so-called “go anywhere” bond funds. These funds can essentially invest without constraint across the entire global universe of debt and debt related derivative instruments: U.S. government and high-grade corporate bonds, high-yield “junk” bonds, international and emerging market debt, and more exotic credit instruments.
New Unconstrained Funds
Amid this environment, Payden & Rygel and Angel Oak each launched new unconstrained bond funds – or nontraditional bond funds as Moringstar prefers to call them – earlier this month. Payden & Rygel is a Los Angeles-based firm with $80 billion in assets under management (AUM), according to its website; Angel Oak Capital Investors is a much smaller asset manager with less than $5 billion in AUM.
Regards,
Ted
http://dailyalts.com/payden-rygel-angel-oak-launch-new-nontraditional-bond-funds/
