Analysis: Unconstrained bond funds offer diverse strategies

In an unpredictable bond environment and faced with the prospect of rising interest rates, unconstrained bond funds could offer a diverse set of strategies to help investors choose a riskier, but possibly more profitable approach to their bond portfolios. "The driving force behind these funds is that people don't want to take interest-rate risk, and what you very often see here is the exchanging of one risk for another," said Eric Jacobson of Morningstar.

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