Bearish caution sets in as the exuberance of 2003 dissipates

Fixed income

Fixed income managers became cautious in the last month as many saw opportunities become more security-specific.

Distressed, high-yield emerging and developed markets, and relative value/arbitrage funds performed well in 2003. Distressed and high-yield fixed income have, in fact, been good investments for the last two years due to a consistent tightening of spreads which managers have been able to play.

However, that situation has worsened and now the question is whether there are still reasonable

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