Time to Downshift Your High-Yield Portfolio?

High yield has generated exceptional returns as it has recovered from the 2007–2008 market dislocations. We’ve recently seen a meaningful retracement of spreads and an increase in volatility. Predicting future returns is difficult, but our view is that high yield remains a very attractive investment for the long run. However, to stay in the game, it may make sense to downshift the risk profile of your high-yield strategy.


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