The biggest bond fund managers have watched assets bleed from their funds over the past four months. And it's not just Bill Gross of Pimco.
Take Loomis Sayles, which manages $170 billion of its $192 billion in assets under management in fixed-income strategies. Its flagship bond fund had outflows of roughly $1.4 billion from June through Sept. 9, according to Lipper—far less than the almost $8 billion that left Pimco's flagship Total Return Fund but a significant retraction.
You would think that a big bond fund manager might be bothered by the recent action—or like Gross, plead for understanding while pitching a "throw the kitchen sink at the problem" bond-investing strategy.
(Read more: The world's most expensive asset class)
Not Tom Fahey, associate macro strategist for Loomis Sayles. For one, he thinks the bond fund upheaval is a good sign for the economy. He also takes a measured approach to anxiety about the Federal Reserve tapering plans and rising interest rates. Yes, rates are going higher, but that doesn't mean investors' only move with bonds is to sell or make a wholesale change in their investing track.
CNBC recently spoke with Fahey about the Fed and bond market opportunities.
CNBC: What is more unprecedented, the Fed's long exit from the latest round of quantitative easing or bond investors' response?
Fahey: The reaction we have seen is typical of an environment when investors are trying to factor in when the Fed will be raising rates, yields rising, bond prices coming down.
Are people overreacting to how high rates will rise, how much they will pull off the QE gas? We're not thinking rates will go much higher from current levels when we look into 2014, maybe 3.5 percent at the end of 2014. Rates will be rising from here, but not as aggressive and in such a short time frame as we have seen. If we get to 3.5 percent, investors are looking at a real yield of roughly 2 percent and over the long-term in 10-year treasuries, that is quite normal. Given inflation just above 1 percent, rates don't have to go much higher to hit the equilibrium level.