Florida-based Community Capital Management has launched the $1 billion CRA Qualified Investment Fund, The Wall Street Journal reports. The vehicle invests primarily in government-related subsectors of the bond market.
The fund’s largest holdings are in agency guaranteed, multifamily mortgage-backed securities, Ginnie Mae and Fannie Mae bonds. The fund, which offers diversification to the typical bond portfolio, gained 6.1% from the start of 2009 through October 2010.
Click here for the story from The Wall Street Journal.