New York
DON'T be a hero. That's the strategy the most successful high-yield money managers of 2015 attribute to their success. As junk bonds tanked, defaults rose and Third Avenue Management LLC shocked the market by temporarily suspending shareholder withdrawals, managers at the top speculative-grade funds this year benefited by simply staying away from the worst of the carnage.
That meant resisting the lure of junk bonds issued by the riskiest borrowers even as yields rose to their highest levels...
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