Industry Voice: The tailwinds lifting falling angels
Industry Voice: The tailwinds lifting falling angels Fallen angels have historically delivered excess returns. Here’s how. BNY Mellon Investment Management In theory, fallen angels and Ba-rated bonds (the highest quality in the high yield category) should generate comparable performance. There is considerable crossover between the two segments: 90% of fallen angel bonds are currently rated Ba, and therefore by definition the Ba bucket contains a notable percentage of fallen angels. The theory...
Source: professionalpensions.com