Smurfit Stone Bond: The Impact of Mutual Funds

We know HY bonds have had a nice run since March this year, mostly due to retail mutual funds. The Smurfit Stone bond pulled up in Bloomberg below is no exception. It is a favorite of credit hedge funds, but its major holders have been U.S. mutual funds ("MF-USA") and insurance companies ("Sch-D")



Looking at historical holdings confirms MFs have been adding to their position on this bond. One fund increased its holding 10x in Q2!