We explore the factors that may contribute to 2023 returns, including interest rate policy and its effect on the real economy, bond market expectations, and the impact of the yield curve. Fallen ...

Fallen angels underperformed the broader high yield market in August and year-to-date. High yield corporates experienced outflows, while Treasury products saw inflows in August. Several potential ...

Fallen angels began 2025 on a positive note, outperforming the broad high-yield market by 0.10% (1.48% vs. 1.38%). The 10-year U.S. Treasury yield fluctuated throughout the month, peaking at 4.79% ...

2024 returns will likely be driven by carry, with sector and quality differences driving potential outperformance versus broad high yield. An uptick in fallen angels may provide further support. Last, ...