Fourth Quarter Fixed Income outlook from Guggenheim

Bud

They continue to position portfolios defensively.

"In high yield, investors will find that if they loss-adjust yields using recessionary
default assumptions, returns are no better than a Treasury security. We see the same
story across most of the fixed-income spectrum, particularly in below investmentgrade
securities. Investors today are simply not being compensated for the risks
they are taking".

another snippet

"The question now is how to generate yield without taking on undue interest-rate
or credit risk, and this is where our differentiated approach to active management
comes into play. On rates, our funds are positioned for a flattening yield curve.
In credit, we have been upgrading the quality of our portfolios, with a continuing
focus on high-quality ABS and structured credit"


https://www.guggenheimpartners.com/cmspages/getfile.aspx?guid=24da1ccf-8dd7-4a30-9c53-840e826762d6

Ted

@Bud: Thanks for the info from Guggenheim.
Regards,
Ted

AndyJ

Good summary. Gugg's Scott Minerd gave Consuelo Mack's audience the same message, with a fair bit of detail, in the Sept. 29 WealthTrack.

expatsp

What's the best Guggenheim bond fund to research?

Ted

@expatsp: Scott Minerd's Total Bond Fund is an excellent intermediate bond fund choice. It's right at the top in percentile ranking.
Regards,
Ted
M* Snapshot GIBAX:
http://www.morningstar.com/funds/XNAS/GIBAX/quote.html