High-yield bonds will rebound, says top US junk-bond fund manager
Boston
GENE Neavin, co-manager of the top-rated US$753 million Federated High Yield Trust, divides junk bonds into two categories: the 10 per cent of the market issued by metals, mining and energy companies, and the 90 per cent from everyone else.
While the first group faces serious problems, the second is in surprisingly good shape, according to Mr Neavin, whose fund has the best five-year performance among its peers. His view contrasts with bleaker forecasts from the likes of DoubleLine Capital's Jeffrey Gundlach.
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