U.S. regulators

 At the end of hedge funds have shifted focus from the enterprise level of the U.S. Securities and Exchange Commission (SEC), is now sent the The agency's latest goal is to find out whether the mutual fund investors withdrew from municipal bond funds that trade over-bleak when the high-risk municipal bonds.

In fact, SEC of the latest developments, but also reflects the U.S. municipal bond risk significantly. The bond itself is difficult not only favored by investors to track the attractiveness of such assets of fund products have also been deeply negative impact. Observers believe that despite the overall U.S. economic recovery to good, but some areas still face serious potential crisis. The U.S. mutual fund industry is likely to try to weaken these risks in various ways the drag effect. Of course, the illegal operation not a reasonable option.

Municipal Bond Fund continued loss of blood

U.S. media said, SEC investigations carried out by the regulatory authorities to investigate the municipal bond market, the existence of an illegal operation as part of the extensive investigation; the institution concerned , part of the U.S. municipal bond mutual funds invest in the actual value may mislead investors. However, SEC spokesman to comment on the matter yet.

U.S. municipal bonds, the weak state of the recent show, the SEC investigation related to an important background of mutual funds. According to market information company Lipper (Lipper FMI) 2 月 announced on the 17th of data, as of February 16 in the week, the U.S. municipal bond funds net outflow of 974 million, while the previous week, 1.16 billion net outflow . This is also the U.S. municipal bond market for the 14th consecutive week of massive net outflow of funds.

under the SEC's argument, as investors in the past few weeks, a large number of withdrawals from mutual funds investing in municipal bonds, mutual fund managers have had to sell some good assets in order to maintain its investment portfolio has adequate liquidity. Typically, high-yield mutual funds in the portfolio contains a higher proportion of high-risk assets. However, the situation facing investors in large-scale withdrawals, SEC believe that the U.S. mutual fund managers may conceal the consumers of illicit assets in municipal bonds, the degree of risk to achieve as much as possible to retain capital purposes.

data show that the U.S. high-risk municipal bonds totaled about 54 billion U.S. dollars, 2.9 trillion municipal bond market, the total scale in a very small proportion; However, this part of the municipal bonds is also more than the high risk that the bond investment risks.

valuation has been called into question

some bond market analysts pointed out that high-risk municipal bonds for investment by investors to choose a more likely target had declined significantly. To some extent, the current high-risk assets for the pricing of these areas, there were a number of difficult technical operations.

City government bond market of Massachusetts CEO Thomas Sidu that Bonds are vested in the United States about 36 specialize in high-risk investment fund in the hands. He noted that the current global financial crisis, the valuation of risky assets by the Fund have been investors, financial regulators and other aspects of strongly questioned; but .

U.S. media pointed out that, regardless of the degree of risk U.S. government bonds and the actual value of what the rising trend in the risk of negative impact on the fund market, already have all kinds of fund managers should choose a reasonable way to profit and avoid loss . In recent weeks, many large U.S. hedge fund company is a large-scale purchase of some