"Fallen angels" are corporate bonds that received investment-grade credit ratings when they were issued but have since been downgraded to junk. Historically, they have tended to exhibit greater ...

Fallen angels outperformed broad high yield by 1.23% in Q2 2026 (3.69% vs. 2.46%), recovering the YTD lead to +0.44%.

Fallen angels are bonds downgraded from investment grade to high yield, often creating forced selling and potential credit dislocations. Historical data shows fallen angels can recover after downgrade ...

Fallen angels outperformed broad high yield by 0.53% YTD, driven by security selection and duration. This marks 15 years of historical outperformance out of the last 22 calendar years*. There were 10 ...