Bond investors see more carnage amid Third Avenue contagion risk
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TOP bond investors are predicting more carnage for high-yield funds amid a market rout that forced a Third Avenue Management mutual fund last week to freeze redemptions.
Scott Minerd, global chief investment officer at Guggenheim Partners, predicts 10 per cent to 15 per cent of junk bond funds may face high withdrawals as more investors worry about getting their money back. He joins money managers Jeffrey Gundlach, Carl Icahn, Bill Gross and Wilbur Ross in warning of more high-yield trouble ahead.
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