Field of Yields Meets Shifting Winds
The high yield market delivered 437 bps of excess return, accounting for most of the 4.60% total return on the quarter. Lower quality CCCs were the outperformer again, earning 713 bps of excess, well ahead of the 399 bps of excess the higher quality Ba/B sleeve garnered for Q3. The leveraged loan market nearly matched that high yield total return, earning 4.13% in total return terms.
The commentary is the opinion of the subadviser. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.
All investments carry a certain degree of risk, including possible loss of principal.
Past performance is not indicative of future results.