Has the High Yield Opportunity Already Passed?

Portfolio Manager Bill Zox discusses the current opportunity set he sees in the high yield market and how recent intervention by the federal government has impacted the market. The views expressed are those of Diamond Hill as of May 2020 and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice. The ICE BofA U.S. High Yield Index tracks the performance of the U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by Diamond Hill Capital Management, Inc. ICE Data and its third party suppliers accept no liability in connection with its use. See diamond-hill.com/disclosures for a full copy of the disclaimer. This material is for informational purposes and is prepared by Diamond Hill Capital Management. The opinions expressed are as of the date of publication and are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Reliance upon this information is at the sole discretion of the listener. Investing involves risk including the possible loss of principal.