Junk Bonds Sources: Yahoo Finance (Treasuries), ICE Data Services (investment grade and junk bonds), Fannie Mae (MBS), S&P Global Ratings (CLOs) And yet … “Fixed income still has a core role,” said Matt Daly, managing director of corporate and municipal teams at Conning. And, occasionally, sharp managers can zero in on gems, he added. “Bonds issued in March and April,” he said, referring to when fixed income was in a tailspin last year, “have appreciated a lot.” Despite their diminished capacity, bonds have fulfilled their duty as a portfolio ballast in recent years. In the scary days of 2008, when the S&P 500 plunged 38.5%, the Agg was up 5.2%. In 2018, when rising rates pushed stocks to a 6.2% loss, the Agg was flat.