With one well-known, high-yield bond mutual fund on the rocks already, this time of the year could be the "perfect storm" for junk bonds and related assets, an expert told CNBC.
"Liquidity is drying up in the secondary bond market," Scott Minerd, global chief investment officer at Guggenheim Partners, told CNBC. "Investors are reading these headlines about Third Avenue and other situations where funds are getting liquidated."
Third Avenue Management surprised investors last week when it announced a liquidation, prompting an investigation by a top security regulator, Reuters reported Monday. But with a number of funds facing losses, Minerd said he's concerned investors will be heading for the exits, especially in CCC-type bonds and oil and gas.