Junk Rout Trips Up Longest-Serving ManagerBy
Northeast fund run by Ernest Monrad and son loses big on oil
Nuveen, Franklin funds also hurt in rough month for high yield
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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