One cautionary note regarding IJNK pertains to currency risk. Roughly 48 percent of the portfolio is comprised of dollar-denominated bonds, so a rise in the value of the dollar would diminish the value of any bonds issued in other currencies in the fund's portfolio.

As central banks around the globe grapple with resuscitating still-moribund economies, Mazza predicts a lot more divergence among central banks than in past cycles. If he’s right, that means investors will need to track duration, credit and currency risk as global economies move in different directions.

For now, the SPDR Barclays International High-Yield Bond ETF offers a way to diversify a bond portfolio while steering clear of the duration-related headwinds currently in place. 

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