Bond Fund Manager Favors Asset Backed Debt in Low Rate Environment

One fund manager finds investment opportunities in subprime auto loans.
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Tom Atteberry, who manages the FPA New Income Fund, is investing in asset backed securities as a way to generate additional yield for bond investors. Atteberry favors securities backed by subprime auto loans, and avoids high yield debt. TheStreet's Rhonda Schaffler has details from Wall Street.