High-Yield Bonds Proved a Boon To Mutual Fund Managers in '04

Johnson, Matthew; Fine, Jacob
January 2005
Bond Buyer;1/7/2005, Vol. 351 Issue 32045, p1
Trade Publication
The article informs those municipal bond mutual funds that tried to walk the straight line last year and maintain high credit quality were largely left in the dust in Lipper Inc.'s 2004 total return rankings. High-yield bonds rallied as investors clamored to improve their returns amid the prevailing low interest rate environment. On December 31, 2003, shortly after taking the reins of Hartford Investment Management's municipality bond investment management department, Charles Grande sat down to look over the Hartford Tax-Free National Fund. The senior vice president and portfolio manager at the Hartford, Connecticut-based firm was struck by how many highly rated bonds the fund owned.


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