“Through a series of individual bond purchases, including the addition of 23 new issuers, we increased the Fund’s “credit weighting” by approximately 20 percentage points in the first half of the year, from 41% to 60%.”Credit weighting? Googling brings up things like credit card limits. personal credit scores or bond credit ratings. Since this is a bond fund, I don’t think they’re talking about increasing the amount of debt they’re holding. Nor do I believe it is meant to indicate credit quality or duration. If so, they’d have used those terms.
This is from the June 30th semi-annual report for DODLX, a global bond fund.
(PS - I know the report is 6 months old. Am in the process of transitioning from receiving / reading paper reports to working with them online. So some catching up going on here.)
Comments
In transitioning from paper reports to digital ones I toyed with importing reports onto my Kindle Fire on which I read most periodicals. Didn’t work very well in terms of layout. Than I hit upon loading them (PDF) into the Books app on my ipad. It’s a bit tricky to do, but excellent results in terms of readability as well as ability to catalogue.
I don’t read every report for my dozen + funds, but do read five or six from TRP and D&C. I value these commentaries as insights into the investing process and therefore highly educational. I bemoan the fact that some houses choose not to provide any degree of manager commentary, electing in large measure simply to list their holdings in statistical fashion.