Thornburg Investment Management's Jason Brady in Barron's

Bond Funds Are Hot. Income Investors Should Be Cautious.

Money has been pouring into bond funds globally this year, but income investors should tread carefully.
Net buying in global bond funds is on pace to reach a “staggering record” of $455 billion in 2019, according to BofA Merrill Lynch Global Research. That compares with the $1.7 trillion of inflows over the past 10 years. The accompanying table lists six bond exchange-traded funds with assets totaling about $170 billion.
While some of the hefty buying could be related to income investors, it likely isn’t for the yields that return-hungry investors crave: The 10-year U.S. Treasury note was recently at 2.06%, down from 3.2% last November.
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