Pioneer Strategic Income(PSRAX Quote) began changing course late last year. After steering away from risky bonds, the fund started buying the kind of junk issues that were clobbered as the credit crisis unfolded.
"We bought a lot of high-yield bonds at the end of 2008 because they were getting cheaper and cheaper," fund manager Kenneth Taubes says.
Pioneer isn't alone these days. After taking shelter in Treasuries and other high-quality securities, some bond managers are beginning to take on more risk. The managers figure that with the economy stabilizing, it pays to buy corporates and other bonds that offer higher yields. Funds with strong long-term records that are taking more risk include Artio Total Return Bond(BJBGX Quote) and Osterweis Strategic Income(OSTIX Quote). ...
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