The list of funds who tumbled in May and have continued to under-perform in June is getting longer by the day. Credit focused funds, especially those who trade mortgage backed securities, experienced a time of high performance as the Federal Reserve took up a $85 billion/month bond purchase program out of  which $40 billion was dedicated to MBS purchases only. As the Fed continues to drop heavy hints that it will wind down the easing program as soon as . . .

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