Is There a Right Time for High Yield?

Posted on September 16, 2019

Have you ever been tempted to take a tactical, market-timing approach to high-yield? After all, waiting for spreads to widen and the market to become “cheap” seems like a lucrative way to play the asset class. However, history has shown us that this approach comes along with a litany of challenges, and that in reality, incremental increases in spread levels do not always translate into increases in total return.

This is the first blog of a series  that is designed to provide some insight into the difficulty of applying a tactical, or short-term, mindset to high yield allocations and why, in our view, a strategic, or long-term, allocation to the asset class is optimal.

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Looking for a Different Approach to High Yield Investing?

Posted on September 5, 2019

Welcome to the DDJ Blog.

Since their widespread issuance in the 1980s, high yield bonds have become an important component of investors’ asset allocations and have provided the financing necessary to support a large segment of our economy. Many investors in this space prefer the debt of well-known, larger-cap issuers that are often rated just below investment grade (e.g., BB-rated), but there are a myriad of opportunities in smaller, underfollowed issuers.

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