In Monday's Wall Street Journal Fund Track, Emily Barrett notes that Loomis, Sayles & Co.'s $1.5 billion Global Bond Fund has become "a lot less global" these days. David Rolley, a co-manager at the fund for the past nine years, now channels his attention toward the benefits of U.S. fixed-income investments amid the uncertainty across the globe.

That focus marks a departure from his approach at the dawn of the financial crisis, when he favored emerging markets that were buoyed by the boom in commodities. Rolley and fellow managers Kenneth Buntrock and Lynda Schweitzer trimmed the fund's exposure when the market turmoil and economic slowdown weighed on demand for raw materials.

Rolley told The Journal that the fund now has "recovery exposure" to the U.S. private sector. But that move shouldn't be taken to mean that Rolley and his co-managers spot a U.S. economic recovery on the horizon. Betting against the dollar "isn't the no-brainer it looks," Rolley told the pub. 

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