Introduction
One of the first subscribers of Macro Trading Factory ("MTF") has approached me a day or two after we've published the initial allocations for the Funds Macro Portfolio ("FMP"), expressing his surprise that we have very little exposure to bonds on the portfolio.
Valid question, and my answer was as follows:
First of all, the allocation is indeed not big but it certainly not meaningless. Most of the CEFs that we took on board (day 1) have exposure to bonds (and preferred shares), some with up to 50% of the allocations.
Secondly, these CEFs