First Pacific Advisors - The waiting game pays off

Betting against the markets takes a steady nerve, but for Robert Rodriguez and Thomas Atteberry, investment managers at West Coast house First Pacific Advisors, the strategy has paid off - and how. Dalia Fahmy talks to the two men who run this year's best-performing US bond fund

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