Every one of the most popular class of US mutual funds investing in bonds lost money in May, highlighting the risks for investors as interest rates rise.
Bond yields around the world soared from some of the lowest levels in decades last month as investors anticipated an end to the extraordinary measures the Federal Reserve has used to stimulate the US economy.
US funds that invest in higher rated bonds with average maturities of under 10 years lost an average 1.8 per cent in May, marking their worse performance since the depths of the financial crisis in October 2008, according to Lipper, a research group.
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