Given all the post Brexit volatility there is no better time to be in a long/short bond fund, said Jeff Hudson, portfolio manager for the Cedar Ridge Unconstrained Credit Fund (CRUMX). 'Given all the volatility in this environment and some of the liquidity constraints, we believe being long/short, and truly short, in credit is a good place to be right now,' said Hudson, adding that the fund's ability to own various types of bonds and maturities offers him additional flexibility to increase the fund's total return. The Cedar Ridge Unconstrained Credit Fund is up 4.8 percent thus far in 2016, according to Morningstar. The $60 million fund has returned 6.5 percent over the past 12 months, outpacing 92 percent of its rivals in Morningstar's long-short credit category. The trailing twelve month yield is 2.6 percent, according to Morningstar. Hudson said Great Britain's decision to leave the European Union takes the Federal Reserve's planned interest rate increases off the table for the foreseeable future.

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