Sector Exposures Continue to Evolve with Rating Migrations
New fallen angels and rising stars continue to impact sector exposures in the fallen angel index.
Source: etftrends.com
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New fallen angels and rising stars continue to impact sector exposures in the fallen angel index.
Forecasts for new fallen angels remain low, however the first downgrade of the year occurred in February and March has brought a flurry of rating actions.
Fallen angels outperformed broad high yield in June. Spread widening and volatility may provide opportunities to add exposure.
The fallen angels index outperformed the broad high yield index by 0.40% in December and by 2.36% for 2021 (7.72% vs 5.36%).