Bill Gross' announcement Friday that he was leaving Pimco, the asset management firm he founded in 1971, stunned Wall Street. The Pimco Total Return exchange-traded fund saw $448 million of outflows on Friday, and another $98 million on Monday. Morningstar downgraded the firm's flagship Total Return fund to bronze from gold late Monday.
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McIntyre, who told "Power Lunch" that Brandywine Global has seen some inflows since Gross' departure, is reducing his exposure to Treasurys. He's said there is good value in Mexican, Indonesian and Brazilian bonds.
Bond manager Brad Friedlander, who runs the Angel Oak Multi-Strategy Income Fund, sees domestic opportunities for his portfolio.
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"We tend to focus on strategies that are prepared for a rising-rate environment but also tend to be a bit heavier on the income side," he told "Power Lunch."
Friedlander has found a lot of value in the structured credit market, like non-agency mortgage-backed securities.