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Picking Up Fallen Angels

September 2020 

In today’s environment, discerning investors may be able to uncover attractive value in the often-scorned universe of fallen angels—formerly investment-grade corporate bonds that have been downgraded.

From our sub-adviser, Wellington Management
Rob Burn, CFA
Managing Director and Fixed-Income Portfolio Manager


The term “fallen angels” has always carried a somewhat pejorative connotation among fixed-income investors. In some instances, that may well be justified, but not always. 

Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Fixed income security risks include credit, liquidity, call, duration, event and interest-rate risk. As interest rates rise, bond prices generally fall. • Investments in high-yield (“junk”) bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. 

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