First Pacific Advisors - The waiting game pays off

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Long before subprime became a household term, and before most investors began worrying about their mortgage exposure, Bob Rodriguez and Tom Atteberry smelled trouble in the home lending market. More than two years ago, say the co-managers of the New Income Fund at First Pacific Advisors in Los Angeles, unusual numbers that they just couldn't explain popped up on collateralised mortgage obligations in their portfolio.

In early 2005, the bond fund held several highly rated securities backed by

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