No. of Recommendations: 2
Not sure why Morning* says the average bond rating is BB.
According to AB, 79% or so of the holdings are investment grade, with more than 50% in AAA rated instruments. I can't imagine the derrivatives would be enough to bring the average rating below investment grade.

https://www.alliancebernstein.com/abcom/Product_Center/3_Veh...
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No. of Recommendations: 0
You sure it's not ACGYX (not ACEYX)?
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No. of Recommendations: 0
ty for the correction

ACGYX is the correct ticker. Tickers should be restricted to 3 alpha/numeric/special character/hieroglyph/petroglyph characters (IMHO).
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I'm still figuring this stuff out, but Morningstar rates its credit quality as "low." Is the index it's trouncing similarly low credit quality, or is the reason ACGYX is doing better is that it's been a good environment for high-yielding (low credit quality) bonds?

Barracuda
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No. of Recommendations: 5
Morningstar compares this fund to the broad bond index and the intermediate bond index - both if which are of far less risk in general.

While Morningstar states that the average credit quality of this fund is BB, they compare it to indexes that are of significantly higher quality. No idea why Morningstar makes such an obvious mistake.

Over half of the bonds in this fund have a coupon of 6% or more. The intermediate bond index has 80% in bonds with coupons of 4% or less.

Also, 40% of the bonds in this fund are due to mature in 5 years or less and the average price of all bonds in the port have a 28% premium. Add in the duration of 6 and this fund might see quite a bit of NAV erosion (and reduction in yield) over the next few years.
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No. of Recommendations: 2
Not sure why Morning* says the average bond rating is BB.
According to AB, 79% or so of the holdings are investment grade, with more than 50% in AAA rated instruments. I can't imagine the derrivatives would be enough to bring the average rating below investment grade.

https://www.alliancebernstein.com/abcom/Product_Center/3_Veh...
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