One of the bond market's hottest trades from last year is losing its luster.

Commercial mortgage-backed securities returned next to nothing in the first half of the year after handing investors a whopping 11.4% in 2014 that beat everything from junk bonds to Treasuries, according to JPMorgan Chase & Co. data. They fell 1.84% in June, underperforming corporate securities and government debt, according to a Barclays index.

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