We assess the performance of FAs since Covid using the FTSE Time-Weighted Fallen Angel Bond Index (TWUSFA), which captures critical timing effects. We find a more favourable risk/return profile in FAs ...

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 ...

January 2023 was the strongest start to a calendar year since 2019, where broad HY posted 4.59% and fallen angels 4.67%. Still, CCC & Lower rated bonds took the lead with a 6.22% return, despite the ...

Fallen angel bond strategies are inherently contrarian. Exchange-traded funds like iShares Fallen Angels USD Bond ETF FALN buy bonds precisely when most investors are selling. These types of funds ...

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, ...