Thank you for the informative post. I bought AWF this year for income. I believe most of the selling has been due to "FED FEAR" I also believe the Fed will move very slow, in fact, I keep my eye on the ten year note, more than anything else. I also believe once the realization sets in that the world is in an economic mess, i.e. China.....various fixed investments will come back. The, so called, 'bond bubble' will be seen as another 'catch phrase' and the 'safe' money will come back. (We seem to go through a lot of these 'chicken little' moments these days.)
In reviewing the diversity of AWF, which is very global, perhaps some of the resent drop in price is due to negative global economic performance. I still believe most of the selling is emotional focused on the Fed and "bond bubble mentality." I also maintain that the core investor in AWF is older and does not intend to sell.
I share your question. I reinvest the dividends but AWF seems to trade like a high yield bond. One positive is that AWF has been around a long time, it has had a number of ups and downs, and it has had worse times than current times. I own a lot of AWF. I am 65. I currently plan to keep AWF for a very long time.