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These Bond Funds Might Offer Juicy Yields, and Unwelcome Surprises
Unconstrained bond funds can invest in just about anything, sometimes even stock, so good luck figuring out exactly where they put your money.
The 10-year Treasury is currently paying about 1 percent.Credit...Erin Schaff/The New York Times
By Tim Gray
Jan. 14, 2021
Investing in a so-called unconstrained bond fund is like that team-building exercise where you fall backward into someone’s arms: It can work, but it requires a lot of trust.
These funds prospect far more widely for their holdings than a typical core bond offering that might anchor a portfolio. They usually can buy bonds regardless of credit quality or country of issue. Often, they can also scoop up currencies, derivative and convertible securities, and even stock.