PT  - JOURNAL ARTICLE
AU  - Gueorgui Konstantinov
TI  - Currency Crowdedness Generated by Global Bond Funds
AID  - 10.3905/jpm.2017.43.2.123
DP  - 2017 Jan 31
TA  - The Journal of Portfolio Management
PG  - 123--135
VI  - 43
IP  - 2
4099  - https://pm-research.com/content/43/2/123.short
4100  - https://pm-research.com/content/43/2/123.full
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