An example is PHK, PIMCO's closed end junk bond fund. I simply do not know enough about FFRHX so I am stepping aside in it. There is no way of knowing the redemptions versus buys for instance. It will probably be OK - Christine, the fund manager owns some - at least she did at one time - I think that the holdings are probably good, but redemptions will force some selling at current low prices. Christine probably knows the situation well enough to determine for instance that unless a recession is imminent, buying more here or soon is the right move.