現れるing markets land 最高の，を越す of 経営者／支配人s' 大臣の地位s with rising 率s
By David Randall
NEW YORK, March 24 (Reuters) - Rising short-称する，呼ぶ／期間／用語 利益／興味 率s in the 部隊d 明言する／公表するs are 誘発するing Lipper Award-winning 社債 基金 経営者／支配人s to 追加する 現れるing-market 負債 and 非，不，無-機関 支援するd 居住の mortgages that they say 申し込む／申し出 more 可能性のある for 伸び（る）s in the year ahead.
経営者／支配人s from 会社／堅いs 含むing AllianceBernstein, BlackRock Inc and Thornburg 投資 管理／経営 are を締めるing for その上の 率 増加するs by the 連邦の Reserve, making U.S. high-産する／生じる 負債 unattractive as 高度に-てこ入れ／借入資本d companies and municipalities have a more difficult time rolling over their 負債 costs.
Instead, 経営者／支配人s say, 現れるing-market 負債 in countries like Brazil and Mexico that have slowly-安定させるing economies and are 請け負うing 構造上の 改革（する）s, 同様に as 地方自治体の 負債 問題／発行するd by cities like Dallas that are in the 中心 of strong 地域の economies, look more 約束ing.
"We are in a 段階 where diversification is going to be a big 戦略" because there are より小数の attractive 資産s given rising 率s, said Gershon Distenfeld, 大臣の地位 経営者／支配人 of the AllianceBernstein High Income 基金. "Our 基金 was up 15 パーセント last year and we don't see that happening again."
Distenfeld said that he now has about 40 パーセント of his 大臣の地位 投資するd in the 部隊d 明言する／公表するs, compared with 75 パーセント at this time last year. He has been moving 主として into both dollar and 地元の-通貨 denominated 安全s in Brazil.
U.S. high 産する／生じる, by comparison, is "on the rich 味方する now," he said. High-産する／生じる 負債, for instance, 苦しむd 法外な losses as 投資家s moved to safer 資産s during Tuesday's 株式市場 sell-off, while 現れるing-market 負債 保持するd more of its value.
The Fed raised short-称する，呼ぶ／期間／用語 利益／興味 率s for the second time in three months on March 15, and is 広範囲にわたって 推定する／予想するd to 強化する again at least two more times this year. Rising 利益／興味 率s 押し進める 負かす／撃墜する the price of older 社債s with lower 率s, eating into the returns of bon d 基金s.
Mexico looks attractive given its 経済的な 改革（する）s, said （頭が）ひょいと動く Miller, the lead 大臣の地位 経営者／支配人 of the BlackRock Total Return 基金. The peso is 回復するing value に引き続いて a 法外な 拒絶する／低下する after the 予期しない victory of U.S. 大統領 Donald Trump, Miller said.
He 追加するd that 関心 about more 積極的な 貿易（する） 交渉s between the 部隊d 明言する／公表するs and Mexico "seems to have 静めるd 負かす／撃墜する to a reasonable degree."
Miller remained 楽観的な about the strength of the U.S. economy. "There's no obvious 不均衡" that could point to a coming 後退，不況, he said.
Not every Lipper Award-winning 社債 基金 経営者／支配人 is so 上昇傾向, however. Steve Kane, 大臣の地位 経営者／支配人 of TCW 核心 直す／買収する，八百長をするd Income 基金, said that he has just 2 パーセント of his 基金 in high-産する／生じる 負債, and 近づく 無 of his 基金 in 現れるing-market 負債, because he 推定する／予想するs that the U.S. economy is 近づく the end of its 拡大 and a 後退，不況 is becoming more likely.
He is still finding value in 非，不，無-機関 居住の mortgages, however, because he sees "continuing 改善するing 根底となるs even if we reach an 経済的な 下降" thanks to rising home prices and 行う growth, he said. He has also been buying ３倍になる-A 率d 商業の mortgage-支援するd 安全s that have been 傷つける by 関心s about 拒絶する／低下するing 商店街 traffic in the age of online shopping.
"We are 関心d like a lot of folks with the decimation of bricks and 迫撃砲 小売, but we don't think we will see 重要な losses at the ３倍になる-A level," he said.
Chris Ryon, co-大臣の地位 経営者／支配人 of the Thornburg 中間の 地方自治体の 基金s, said that he had been buying shorter-duration 社債s and 焦点（を合わせる）ing on higher-質 問題／発行するs as 利益／興味 率s rise.
He has been buying general-義務 社債s 問題／発行するd by some lower-率d cities such as Dallas and Chicago, however, because he sees the 問題／発行するs that have led to their lower credit ratings as more political than 経済的な in nature.
"They have strong economies and an ability to 支払う／賃金," he said. (報告（する）／憶測ing by David Ra ndall; Editing by Jennifer Ablan and Andrew Hay)
