Will be moving around 12% out of HFRZX to NHMRX. Will have this on a short leash but also will increase if the position trends in my direction. The first many days of 2014 hasn't told me much (equity or bonds) other than junk bond munis have shined. I don't have the link but just saw where the default rate was lower in 2013 (just as 2012 was lower than 2011) for not just high grade munis but also junk munis. Seems the decline in munis last year in light of the lower defaults was an overreaction to Detroit and Puerto Rico.