This fund has had incredibly strong performance since opening in Nov of 2018, up 27.8% since inception. I can't figure out how the yield is so high, 18%.
It has about 57% in investment grade bonds, mostly mortgages and corporate credit, no EM, a duration of 2.67, an average bond price of $94.11 and 23% in cash. Non of that indicates anything risky. It only dropped about 5% in March and is up 7% YTD.
Are they doing a "return of capital"? Is it because their asset base of 12 million is so small? They have a small amount in a few derivatives but nothing close to what Pimco uses. Seems to good to be true, what am I missing?