No. of Recommendations: 1
I know you understand this, just having a discussion for maybe some others to join.

Performance is relative to a picture in time. When you look at where things started in Jan 2012 with a little spike down til end of this quarter and keep in perspective we ended up having yet another significant spike up in corp bonds price action that tells the picture. In particular that sub investment grade BB/B range had an exceptional quarter.

I track hundreds of BB/B and lower notes price action on a daily basis. There are dozens of these bonds that in January were trading in upper $80's lower $90's handle and now today are trading at par or better.

Look at the price action on this fund from the previous quarter or even going back to the high in May 2011 and the performance was just the opposite.

As a potential maneuver/trader of price action on bonds I could see the admiration in some of these funds and how they managed to make superior selection of notes for a specific time period. But as someone who is just sitting put/concerned with bottom line yield, cherry picking my own individual corp notes, and not interested in the roller coaster ride of mutual funds where one quarter you could up 6% but the next quarter be down 5%, I keep a certain perspective when it comes to these sorts of content. It is relative.
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