RT Journal Article
SR Electronic
T1 Currency Crowdedness Generated by Global Bond Funds
JF The Journal of Portfolio Management
FD Institutional Investor Journals
SP 123
OP 135
DO 10.3905/jpm.2017.43.2.123
VO 43
IS 2
A1 Gueorgui Konstantinov
YR 2017
UL https://pm-research.com/content/43/2/123.abstract
AB The focus of this article is the management style of global bond funds and their exposure to currencies. The author finds strong evidence that, in the short-term, global bond funds rely heavily on beta strategies and thus generate crowded trades in currency investing. As a result, global fixed-income funds add to the previously detected crowdedness in pure currency investing. There is empirical indication that the currency beta exposure has increased over the years.TOPICS: Fixed income and structured finance, currency