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One way to combat that is to engage in what funds call fair-value pricing.
It is an example of what public employee pension funds call alternative investments.
Mr. Mulhern said he received calls from worried investors, including hedge funds: "When the hedge funds call up and start to complain, you know you have a problem".
FINANCIAL TIMES Hedge Funds Call it Quits | "I've been doing this for 15 years and I've never seen as many people give up as in the last three months," Luke Ellis of the Man Group told The Economist.
"I've had a few hedge funds call and ask me what I think of the rating agencies as investments," said Frank Partnoy, a professor of law and finance at the University of San Diego school of law, who has written extensively on the rating agencies.
"We're always listening when funds call us," Phillips said.
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R2, based in Fort Worth, is part of a family of funds called Q Investments.
A lot of the original debt was bundled together into specialist funds called collateralised loan obligations (CLOs).
It's a family of mutual funds called the Reserve Funds.
Comdisco and Reuters put on hold plans to create tracking stocks for their funds, called Comdisco Ventures and Reuters Greenhouse Fund.
But after the 1990s bull market, many funds called growth and income have morphed into something else.
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