High Yield’s Quiet Upgrade: Why Today’s Market Isn’t the High Yield You Remember

"The degree to which a manager can identify and avoid deteriorating credits, while capturing the market's structural improvements, is a meaningful source of alpha."

The U.S. high yield market has evolved meaningfully over the last two decades, but the broader narrative around it may still be catching up to where the market actually is today.

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- Jason Horowitz, Senior Managing Director, Senior Portfolio Manager, and Head of U.S. High Yield Bond Investments