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I Own What?! Bond Funds That Have a Taste for Stocks
Tumbling stocks have driven investors to seek refuge in bond funds this year, but if you're not careful a bond fund might give you stock exposure anyway.
Yes, this week's I Own What?! feature has turned up a few bond funds that have at least a dime of every buck invested in stocks. How does that happen? Well, there are a variety of reasons. Sometimes a bond fund owns convertible bonds that are more profitable if converted to equities; some bond funds invest in income-paying preferred stocks. Others are simply using the vast leeway granted by most funds' legal paperwork to buy stock in companies they've studied as bond investors. ...
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