Bearish on bonds
When other mutual funds were flourishing, First Pacific Advisers’ New Income, a conservative fund that invests in different types of bonds, struggled: It returned just 2.6% in 2004 and 1.6% in 2005, lagging the average intermediate-term bond fund, and suffered net redemptions of 2 million between May 2005 and May 2006. Since the credit market [...]
