Short side mutual fund for junk bonds
I get an announcement from James Grant when his newsletter is published, but I don't subscribe as it is really expensive.
Here is the blurb:
"JUNK IN A MIRROR
Anyone can buy exposure to credit risk. The trick is to sell it or hedge against it. Professional investors can always find a way. They can sell short junk bonds or mortgages, or--more likely these days--buy protection against adversity in the derivatives markets. Fine for them, but what about the rest of us?
Well, the lay credit bear is disenfranchised no longer. A mutual fund is up and running to deliver what amounts to short-side exposure to the high-yield bond market. . . ."
Anyone know the name or symbol for this fund?
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