Junk Rout Trips Up Longest-Serving Manager

  • Northeast fund run by Ernest Monrad and son loses big on oil
  • Nuveen, Franklin funds also hurt in rough month for high yield

Are the High-Yield, Credit Markets Beginning to Crack?

Ernest Monrad has run Northeast Investors Trust since 1960, focusing on high-yield debt before “junk bonds” were a term. Monrad, who is 85 and the longest-serving U.S. mutual fund manager according to Morningstar Inc., outlasted 1970s inflation, the Drexel Burnham Lambert collapse and the 2008 credit crunch.

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