TY - JOUR T1 - Currency Crowdedness Generated by Global Bond Funds JF - The Journal of Portfolio Management SP - 123 LP - 135 DO - 10.3905/jpm.2017.43.2.123 VL - 43 IS - 2 AU - Gueorgui Konstantinov Y1 - 2017/01/31 UR - https://pm-research.com/content/43/2/123.abstract N2 - 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 ER -