Vanguard doesn't recommend to financial-planning clients a global bond fund or exchange-traded funds that could mimic a commodities strategy.

FORBES: The 2005 Investment Guide

The Templeton Global Bond Fund (TPINX) invests in government and agency bonds from both developed and emerging economies.

FORBES: Trade Currencies Like Soros

Actually, the ever-expanding ETF company Wisdom Tree just launched their corporate global bond fund ( GLCB) last week.

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He says he now is focusing on a global bond fund and spends his days reading macro-oriented publications and research from gloomy economist Nouriel Roubini.

WSJ: 'Macro' Forces in Market Confound Stock Pickers

Altfest is advising his clients to keep maturities short, buy mortgage-backed securities yielding 6% to 8% and move into international funds such as the Templeton Global Bond Fund, which has a five-year average annual return of 10.9%, net of fees, and a duration of 3.3 years.

FORBES: Magazine Article

One example, the iShares Global Inflation-Linked Bond Fund ( GTIP), seeks results that correspond to the BofA Merrill Lynch Global Diversified Inflation-Linked Index.

FORBES: An Easy Way To Add Fixed-Income To Your Portfolio

The week ending February 27 saw EPFR global-tracked bond funds outpace equity fund flows by the biggest margin in 14 weeks as retail investors pulled money out of the latter for the first time this year.

FORBES: Gold Funds Decline Most In Last Week Of February

Also, Deutsche Bank estimates that global bond funds are sitting on 9% cash, so fund managers still have a lot of money on the sidelines to put to work.

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He liquidated the fund in 1995, one year after heavy losses in the global bond market rout.

FORBES: A Tree Of Wisdom

Foreign investment flows into emerging market stocks and bond funds slowed in the week to March 7, according to EPFR Global, a fund tracking service in Cambridge, Mass.

FORBES: Bonds Preferred As Emerging Market Flow Slows