MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, May 25, 2012 McNabb Shuts the Valve Into a High Yield Fund Vanguard's [see profile] $16.9-billion high yield bond has been closed to most new investors, thanks to high inflows making it more difficult for the shop to invest in the debt well, reported Bloomberg's Lisa Abramowicz and Christopher Condon. The wire service talked to at least one analyst who thought this was the right decision. “It’s a responsible step for a high-yield fund to stop taking in money if it can’t continue to invest it without deviating from its established credit-quality standards,” Martin Fridson, a global credit analyst at BNP Paribas told Bloomberg. Bloomberg noted that high-yield funds a currently holding 6 percent of their assets in cash compared to just 3 percent a year ago. Printed from: MFWire.com/story.asp?s=40130 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |