Second Quarter Commentary & Outlook July 2026 In the second quarter of 2026, the Bloomberg US Corporate High Yield Index (“Index”) return was 2.47% bringing the year to date (“YTD”) return to 1.96%. The S&P 500 index return was 15.20% (including dividends reinvested) bringing the YTD return to 10.19%. Over the period, while the 10 [...]

First Quarter Commentary & Outlook April 2026 In the first quarter of 2026, the Bloomberg US Corporate High Yield Index ("Index") return was -0.50%, and the S&P 500 index return was -4.35% (including dividends reinvested). Over the period, while the 10 year Treasury yield increased 15 basis points, the Index option adjusted spread ("OAS") widened [...]

Q4 COMMENTARY January 2026 In the fourth quarter of 2025, the Bloomberg US Corporate High Yield Index ("Index") return was 1.31% bringing the year to date ("YTD") return to 8.62%. The S&P 500 index return was 2.65% (including dividends reinvested) bringing the YTD return to 17.86%. Over the period, while the 10 year Treasury yield [...]

Q3 COMMENTARY October 2025 In the third quarter of 2025, the Bloomberg US Corporate High Yield Index (“Index”) return was 2.54% bringing the year-to-date (“YTD”) return to 7.22%. The S&P 500 index return was 8.11% (including dividends reinvested) bringing the YTD return to 14.81%. Over the period, while the 10-year Treasury yield decreased 8 basis [...]

Q2 COMMENTARY July 2025 In the second quarter of 2025, the Bloomberg US Corporate High Yield Index (“Index”) return was 3.53% bringing the year to date (“YTD”) return to 4.57%. The S&P 500 index return was 10.94% (including dividends reinvested) bringing the YTD return to 6.20%. Over the period, while the 10 year Treasury yield [...]

Q1 COMMENTARY April 2025 In the first quarter of 2025, the Bloomberg US Corporate High Yield Index ("Index") return was 1.00%, and the S&P 500 index return was -4.28% (including dividends reinvested). Over the period, while the 10 year Treasury yield decreased 36 basis points, the Index option adjusted spread ("OAS") widened 60 basis points [...]

January 2025 In the fourth quarter of 2024, the Bloomberg US Corporate High Yield Index ("Index") return was 0.17% bringing the year to date ("YTD") return to 8.19%. The S&P 500 index return was 2.39% (including dividends reinvested) bringing the YTD return to 25.00%. Over the period, while the 10 year Treasury yield increased 79 [...]

In the third quarter of 2024, the Bloomberg US Corporate High Yield Index (“Index”) return was 5.28% bringing the year to date (“YTD”) return to 8.00%. The S&P 500 index return was 5.89% (including dividends reinvested) bringing the YTD return to 22.08%. Over the period, while the 10-year Treasury yield decreased 62 basis points, the [...]

In the second quarter of 2024, the Bloomberg US Corporate High Yield Index (“Index”) return was 1.09% bringing the year to date (“YTD”) return to 2.58%. The S&P 500 index return was 4.28% (including dividends reinvested) bringing the YTD return to 15.29%. Over the period while the 10-year Treasury yield increased 20 basis points the [...]

In the first quarter of 2024, the Bloomberg US Corporate High Yield Index (“Index”) return was 1.47%, and the S&P 500 index return was 10.55% (including dividends reinvested).  Over the period, while the 10 year Treasury yield increased 32 basis points, the Index option adjusted spread (“OAS”) tightened 24 basis points moving from 323 basis [...]