High Yield: The Merits of Active Management

January 2014
Active management is widely adopted in fixed income given the over the counter nature of the asset class, the complexity of certain security types, and the differing objectives among the investor base. High yield stands out as an area where skilled active managers have historically delivered strong relative performance. The past five years, however, have been an anomaly, given that active high yield managers of all styles have generally lagged market indices. In this Rocaton Insights we will provide theoretical support for active management within high yield and will delineate possible outcomes for active management moving forward.


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