"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 ...

After a punishing 2025 that left smallcap investors nursing deep wounds, the Q3 earnings season is delivering the first real signs of recovery with smaller companies outperforming larger peers on ...

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 ...

Wider spreads have driven fallen angel yields above 7%, their highest levels since mid-2025. Yields versus broad high yield have narrowed significantly, with ANGL, yielding 6.73%*. Two large fallen ...

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 ...