The high yield corporate bond market got out of the gates of 2019 like “The Stig”1 testing the 0 – 60 mph capabilities of a Tesla S. The first quarter performance of the ICE BofAML US High Yield Index (the “High Yield Index”) was an astonishing 7.41%. If you exclude the performance of the second and third quarters of 2009 which were up a staggering 23.20% and 14.82%, respectively, this year’s first quarter performance was the third best quarterly performance since the High Yield Index’s inception in 1986…

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Fulcra Q1 2019 Commentary
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