Most fixed-income investments (and “bond proxies” such as PCL) with a duration of 5 years or more have taken a hit since the interest rate on the 10-year T-bond rose by about 100 basis points in May 2013 as a consequence of the Fed’s “tapering” announcement.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”