Since at June of last year, when the high yield market started to underperform equities, investors have been concerned about high yield "leading the way." Ongoing weakness in the high yield market has kept that concern front and center, but it is possible the worst is behind us.
Recent total returns are very strong and the market is above the 2015 lows
High Yield Fund flows were strong and have been gaining momentum
Oil has potentially stabilized which might be enough
There are some other positives, away from just high yield energy names
From a liquidity perspective, it could be just as hard to buy bonds on the way up, as it was to sell bonds on the way down
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