QOTD: Don’t bother me with the details

Understanding the mechanics of these funds has gotten so difficult that even analysts at fund research shops Morningstar and Lipper can't get a handle on what these portfolios are doing, analysts told Reuters.

"A lot of promises have been made about unconstrained fixed- income approaches and those promises have been a lot more powerful than the level of disclosure that the funds provide," said Michael Herbst, an analyst at Chicago-based Morningstar.

Fund companies say that the whole reason investors choose their funds is because they don't want to be bothered with the nuances of what the managers are doing.