The Secret to a Top-Performing Bond Fund May Be in Europe
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Gary Herbert manages a bond fund that’s beating 97 percent of his peers with 11 percent gains this year. The reason: mortgage debt in Europe.
Herbert, who manages the Legg Mason BW Alternative Credit Fund, is joining Blackstone Group LP and Lone Star Funds in buying mortgages in European nations, especially those that are struggling the most, such as Spain, Portugal and Greece.