1Q 2020 High Yield Opportunities Fund Investor Call Replay

Matthew Kennedy, CFA®
Senior Portfolio Manager
Head of Corporate Credit

Nichole Hammond, CFA®
Senior Portfolio Manager

 

Register to download the call replay here:

 

Definitions:

Morningstar High Yield Bond Category Average represents an average of all of the funds in the Morningstar High Yield Category Average category.

Fallen Angel: A bond that was given an investment-grade rating but has since been reduced to junk-bond status due to a reduction in the issuer’s credit rating.
Goldman Sachs Financial Conditions Index: A weighted sum of a short-term bond yield, a long-term corporate yield, the exchange rate, and a stock market variable.
ICE Bank of America Merrill Lynch U.S. High Yield Index: Tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market, and includes securities rated below BBB and not in default, with at least 18 months to maturity, a fixed coupon, and at least $250 million outstanding.
Option-Adjusted Spread (OAS): The yield spread which has to be added to a benchmark yield curve to discount a security’s payments to match its market price, using a dynamic pricing model that accounts for embedded options.