Some Bond Funds for Dangerous Times

Rodriguez's fund carries a 3.5% front-end load to pay for all that activity, but its expense ratio is 0.58%. According to Morningstar, the standard expense ratio for the intermediate-term bond fund category is 1.06%.

Whether or not you classify FPA as an intermediate-term bond fund anymore might be debatable. But judging from his actions, you can unequivocally say that Rodriguez won't play Daffy Duck to the Fed's Bugs Bunny.

When the Federal Reserve starts moving interest rates higher, Rodriguez will not be nodding along.