Word: pimco
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Dates: during 1998-1998
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...That was the case in '95, when T-bond funds returned an average 22%. But there's an insidious side to bond funds even when rates are falling: the income streams they provide decline because fund managers must buy new bonds that pay ever lower interest. The $1 billion PIMCO High Yield Fund paid 10[cents] a share in interest income as recently as September. Today it's only 8[cents] a share--a 20% haircut. The decline is largely the result of $200 billion of new money invested at lower interest rates...