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5-star Morningstar fund on the ropes

The AlphaCentric Income Opportunities fund lost more than 30 per cent of its value last week owing to its heavy exposure to home loans to borrowers with lower credit scores. The fund's public filings show that at the end of 2019 - when it still had $4bn in assets — it had invested two-thirds of its portfolio in bonds backed by subprime mortgages.
-- Joe Rennison, Robert Smith and Eric Platt, Financial Times

IOFAX expenses per Yahoo Finance:

Here is a link to their 5-star rating on Morningstar. Unbelievable.

-- Scrib