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"As we have discussed in prior letters, valuations remain rich. High yield bonds’ yield advantage over investment grade bonds is at very low levels, reminiscent of the 2005-07 period."
Also, CB's Nordic Core value positions (30 dollar-weighted) have YTW of 10.1%.
footnote "32. Credit metrics and yield per turn of leverage for CrossingBridge Nordic Core Value Positions reflect 30 dollar-weighted Nordic positions, aggregating $211.8 mm in market value, held in CrossingBridge portfolios as of 9/30/24 excluding short term and investment grade bonds (4 positions with market value of $39.5 mm as of 9/30/24) and stressed/distressed credit opportunities (11 positions with market value of $33.1 mm as of 9/30/24)."
That is nearly $300M in Nordic bonds as of 9/30, a significant portion of total AUM. Anyone interested in the composition of each of the funds, pl visit the fund site. I superficially look at these funds occasionally and do not have a good knowledge of CB funds.
Looking forward to the breakdown as of 10/31 (first month operation) of NRDCX into the three categories of Nordic bonds mentioned in the footnote.
Comments
Also, CB's Nordic Core value positions (30 dollar-weighted) have YTW of 10.1%.
That is nearly $300M in Nordic bonds as of 9/30, a significant portion of total AUM. Anyone interested in the composition of each of the funds, pl visit the fund site. I superficially look at these funds occasionally and do not have a good knowledge of CB funds.
Looking forward to the breakdown as of 10/31 (first month operation) of NRDCX into the three categories of Nordic bonds mentioned in the footnote.