One day after
One of the reasons for the switch is that the fund has gradually expanded its investment guidelines, said Thomas Hoffman, director of research at Managers. The fund used to invest predominantly in government bonds, a strength of Rogges, Hoffman said. Now the firm invests in across-the-board credits as well, an area that Loomis, Sayles "has demonstrated ability," he said.
"Given the way interest rates and yields have been and the condensing of European currencies, we believe there is less value that you can add strictly through country allocation. There are less yields from country bonds and more value with credits," Hoffman said.
The $18 million global bond fund has a three-year annualized return of 3.71% and a one-year return of 4.25%, according to Morningstar.
Yesterday, Managers announced that it was replacing
Managers already has a sub-advisor relationship with Loomis, Sayles. The firm hired Loomis in 1984 to sub-advise its bond fund, which it will continue to do.
