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Goldman Fund Makes Record Retreat From Muni Junk Bonds Over Risk: (GHYAX)

TedTed
in The Bullpen
FYI: Goldman Sachs Group Inc. has shifted money to the sidelines of the municipal junk-bond market, waiting for it to crack.

The company’s $7.3 billion High Yield Municipal Fund, the third biggest focused on the riskiest state and local government debt, had about 62 percent of its assets in investment-grade securities by the end of April. It marks the fund’s biggest move ever away from the lowest-rated bonds and a wager that the run-up in prices will reverse as speculative projects start to run into distress, said Ben Barber, head of municipal bonds at Goldman Sachs’s asset management arm, which oversees $62 billion of the securities.
Regards,
Ted
https://www.fa-mag.com/news/goldman-fund-makes-record-retreat-from-muni-junk-bonds-over-risk-44908.html?print

M* Snapshot GHYAX:
https://www.morningstar.com/funds/xnas/ghyax/quote.html
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