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

Junk bonds have had a great year, but going forward, investors may miss the sector’s “fallen angels.” A strong economy and falling interest rates have been a great combination for investors in ...

The positive momentum gained by fallen angels in the final quarter of 2023 carried over into January, surpassing broad high yield by 56bps. Sector-specific weakness may continue to manifest in ...

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, ...