[20160217]IF10360_第三大道垃圾债券基金的崩溃.pdf

https:/crsreports.congress.gov February 17, 2016The Collapse of the Third Avenue Junk Bond FundMutual funds pool money from various investors and act as financial intermediaries to invest those proceeds in securities, such as corporate equity or various types of bonds. Led by fund managers, the funds attempt to generate capital gains and income for their investors who are typically given the right to redeem their fund holdings on a daily basis. In 2014, according to the Investment Company Institute, a fund trade group, the roughly 9,000 domestic funds held about $16 trillion in assets. In early December 2015, Third Avenue Management, a company that manages several mutual funds, announced that it was freezing shareholder redemptions and involuntarily liquidating the assets of a financially troubled member of its mutual fund family, Third Avenue Focused Credit Fund (the Third Avenue fund). Launched in 2009, the Third Avenue fund was principally invested in high-yield or junk bonds, debt issued by companies with a relatively high risk of default (when a debt issuer is unable to make required payments on its debt obligations). This collapse was the first by a domestic mutual fund sinc