The FX effect

For a while, US bond fund managers who were invested in foreign currencies seemed invincible. For several years, international portfolios dominated US investor rankings, and last year they even made up four out of the top five bond funds. But recently, something has changed. Fund managers who were posting bouncy returns of more than 10% are now losing money. In fact, this year's list of top 40 bond funds doesn't include a single international portfolio, according to Morningstar.

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