Third Avenue had no exit plan in place
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After peaking way back in 2014 and declining ever since, the high-yield bond market finally has made national news over the past week with the very high profile blow up of the Third Avenue Focused Credit Fund.
This was not some fly-by-night little fund or fund family. It's a small, mainstream mutual fund family, and the fund itself had more than $3 billion in assets in 2014. Last week, after massive withdrawals, the fund announced it was closing and that shareholders could not redeem their shares for cash
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