Liquidity-stress index nears record-low
Fund targets 60% high-yield bonds and 40% emerging markets debt
Europe’s sovereign-debt crisis and improvements in the U.S. send mixed signals to bond market
Fund manager calls the yields on emerging market bonds very attractive
The rate is probably at the bottom of default cycle right now
Mandate of funds expanded to include high yield debt
Hanif Mamdani, lead manager of PH&N High Yield Bond Fund and Investment Executive’s 2011 Fund Manager of the Year, refuses to overpay for securities, no matter how attractive they may appear.
Rise in European defaults
Although yield-hungry investors have snapped up high-yield bonds in droves, it may not be best to follow their path