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Could Fallen Angels Boost High Yield Returns?

The global high yield bond universe will likely witness an influx of “fallen angels” in 2016, according to our market analysis. While this trend may appear troubling to investment grade managers, for investors targeting high yield, it isn’t necessarily a bad thing.

Axel Potthof

Portfolio Manager, European High Yield

Dr. Potthof is a senior vice president and portfolio manager in the Munich office, responsible for European high yield and bank loan portfolios. He joined Allianz, PIMCO's parent company, in 1998, transferring to PIMCO in 2000. Prior to joining Allianz, he was an assistant researcher at the University of Hagen and worked for Deutsche Bank. He has 25 years of investment experience and holds a Ph.D. from the University of Hagen, Germany. He earned an MBA from the University of Mannheim, Germany. He has published several fixed income articles and contributed a paper discussing fundamental credit research in the Handbook of Portfolio Management.