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Morningstar on Subprime's Impact on Bond Funds |
HenryTo
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Joined: 06 Aug 2004
Posts: 7642
Location: Houston, Texas & Los Angeles, California
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 Posted: Sun Sep 09, 2007 1:14 pm Post subject: Morningstar on Subprime's Impact on Bond Funds |
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http://news.morningstar.com/articlenet/article.aspx?id=203764&pgid=wwhome1a&lpos=Commentary
| Quote: | | Subprime's effect on Fidelity's lineup spreads further, however, because several funds own exposure to very-short-term bonds through an internal Fidelity fund that is similar to Ultra Short Bond. Ten other funds on our list were also Fidelity offerings, including funds as varied as Fidelity U.S. Bond Index and moderate-allocation offering Fidelity Puritan. Bond index funds typically do not mimic their bogies precisely, because the indexes have many holdings. The fund was trailing the Lehman Brothers Aggregate Bond Index by just 12 basis points as of July 31, which is less than the amount of its expense ratio, suggesting that manager Ford O'Neil added value elsewhere. (We did notice that the fund was trailing competitor Vanguard Total Bond Market through Monday, though.) In addition to investing in the internal fund, Fidelity Inflation-Protected Bond (also took stand-alone positions in subprime-related securities. |
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