Following on the informative and educational thread 'Long time owner of MWTRX'...
Looking to diversify into a few other areas of Fixed Income. A few of the funds I've looked at - ASDVX, SDMAX, FATRX, HYSAX, JSDHX to name a few...I realize the PGIM Global Multi Sector and Am Century funds are comparable but the HYSAX is a different vehicle as a Short duration High Yield fund. I'm looking for some ideas and also comments on what you folks use.
It's difficult to find US vs International % exposure on M* but I've been focusing on maturity, duration, diversification among fixed income, Int'l/US exposure 3& 5 year return...not the top returning product or riskiest either.
I balance these steady funds with higher risk (but low duration) vehicles RCTRX and JSVIX.
Recently sold all of my MWFSX.
(substitute your favorite ticker for other funds)
One does need to be careful with definitions, though. Apparently M* thinks that Macau is not part of China, and on the domestic front, that Puerto Rico is not part of the United States.
Both HK and Macau would like to think they're not part of China.
Life is rarely that simple. https://www.bbc.com/news/world-asia-china-50832919
Compare and contrast w/Taiwan: Agence France-Presse (AFP), June 16, 2021
Honestly, if you’re ok with courting risk, IOFIX is as steady as they come (the once-in-a-decade, plus, COVID crash notwithstanding….). 4-5% yield and it generally goes up or stays flat most days. I know it’s not high yield! Don’t kill me for suggesting it haha.
Agree on IOFIX too. Several other securitized OEFs have fallen off the pace lately, but it's keeping on keeping on.
JD's RCTRX suggestion looks pretty good in securitized, too - never heard of it till this thread.
Own ST/ST HY: LALDX (thanks to another poster, and that also lead me to research and own MS LBNDX) and RPHYX, both provide consistently boring, consistently positive TRs for monies awaiting a better home. IMO, these are two of, if not the very best for the job I assigned them: inch forward and don't lose me any money. RPHYX of course now closed.
Likely the next to be added to that group with similar pedigree: PFIIX/PFIAX.
Also own HY: BGHIX (owned it a while as DHHIX), VWEHX and FAGIX.
Others in ST/ST HY cat's that may come aboard: IOFIX, BUHFX, TUHYX, RCTIX.
Here's the August 24, 2021 supplement to the fund prospectus: https://www.sec.gov/Archives/edgar/data/1494928/000139834421016711/fp0068207_497.htm
With all of that said, I also use a lot of short duration bond oefs in my more risky IRA holdings, that mostly have junkier credit ratings, but often in more of a "trade" role. In 2021 I have use IOFIX, SEMMX, several FL/BR funds, etc. which often provides higher yield and higher total return. In the multisector bond category, even venerable funds like PIMIX are very short duration, along with it's PIMCO relative PEGIX. At any rate, terminology can often be confusing, so the OP may want to more specifically define what he is looking for, and what role he wants those funds to fill in his portfolio.