http://www.businessweek.com/news/2012-10-02/the-best-bond-fund-manager-youve-never-heard-of#p1I have been aware of this fund for some time now. I've always had an itch to buy but never could figure out exactly where his big returns were coming from - maybe bank bonds I figured. After reading this article I've lost my itch. However, his new defensive bond posture could well be borne out. Januaries are when trends in markets often change so will be watching closely what occurs in some of this years's better performing areas of Bondland.
Comments
I read the article in businessweek . .comparing their returns to PIMCO Total Return is a huge mistake. These guys are taking on much more credit risk. I would really put them in the high-yield category. If you compare their returns to high-yield funds, the performance does not look so special.
fundalarm, they apparently don't think the next great thing is non-agency mortgage backed securities like some managers we know. PONDX keeps rocking further and further into overbought territory. I mean it hasn't even had a 1% decline from any high YTD as it makes new high after new high.