2. PIMCO UNCONSTRAINED BOND (PUBAX)This fund is in Morningstar's nontraditional bond category and employs a complex strategy using derivatives, such as swaps and futures, to help offset rate risks and reduce volatility. The approach produces a low average duration that's often slightly negative, known as a "short" position. The fund's duration was recently negative 0.4 years, providing ample protection against higher rates.
Bond Investors: Heed Warnings About Rise In Rates
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