A fallen angel is a bond downgraded from investment-grade to junk status due to a decline in the issuer's financial stability ...

Given high volatility, elevated valuations, and economic growth concerns, we believe the case for higher quality exposure is particularly strong for high yield investors. Delta Air Lines was removed ...

Fallen angels underperformed the broad high yield market in October by 0.29%, driven mostly by the rise in rates throughout the month, increasing the YTD underperformance to 2.14%. In October, fallen ...

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, ...