%0 Journal Article %A Gueorgui Konstantinov %T Currency Crowdedness Generated by Global Bond Funds %D 2017 %R 10.3905/jpm.2017.43.2.123 %J The Journal of Portfolio Management %P 123-135 %V 43 %N 2 %X 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 %U https://jpm.pm-research.com/content/iijpormgmt/43/2/123.full.pdf