Improving fundamental conditions in the high-yield bond sector may make the ability to research sectors and individual issues more important in a risk-on/risk-off environment.
The high-yield sector may offer more attractive returns with potentially lower volatility than equities, based on a comparison of the historical profiles of the two asset classes and analysis...
Aaron M. Cooper D. William Kohli Norman P. Boucher, Portfolio Manager, and Paul D. Scanlon, CFA Christian J. Galipeau Katherine Collins, CFA, MTS, Head of Sustainable Investing and Stephanie Henderson, Analyst, Equity Research Shep Perkins, CFA, and Simon Davis Daniel Farrell David L. Glancy Daniel J. Graña Darren A. Jaroch Putnam Fixed Income Team Gerard P. Sullivan Jason R. Vaillancourt, CFA Jacquelyne J. Cavanaugh Onsel Emre, Ph.D. Jo Anne Ferullo, CFA Joykrishna Mahato Jeffrey B. Sacknowitz Katherine Collins, CFA, MTS D. William Kohli, Michael V. Salm, and Paul D. Scanlon, CFA Michael J. Atkin Matthew F. Beaudry Mike Dullaghan Michael P. Wands, CFA Michael V. Salm Christian J. Galipeau | Brendan T. Murray | Seamus S. Young, CFA, Investment Directors Paul D. Scanlon Putnam Global Asset Allocation Team Putnam Investments Putnam Tax Exempt Fixed Income Team Putnam Portfolio Managers Robert L. Reynolds Robert L. Salvin Michael V. Salm, Co-Head of Fixed Income, and Brett S. Kozlowski, CFA Sarah A. Marshall Paul D. Scanlon, CFA, Co-Head of Fixed Income | T.L. Tsang, CFA, Analyst Simon Davis Seamus S. Young, CFA Shep Perkins Robert L. Davis, CFA, Analyst, and Simon Davis Vivek Gandhi Walter D. Scully Izzet Yildiz, Ph.D., Analyst | Michael J. Atkin, Portfolio Manager | Jo Anne Ferullo, Senior Investment Director
Fundamental changes in old industries, from gas to chemicals to telecommunications, are shaping the landscape of high-yield investment opportunities. As interest rates rise, bond prices fall. Lower-rated bonds may...