Fallen Angels: High Yield Through the Credit Cycle -VanEck – 6.16.20

Overview:
Title: Downgrades Are Happening: Will Fallen Angels Rise Again?
Date: Tuesday, June 16, 2020
Time: 1:00 PM Eastern Daylight Time
Duration: 1 hour

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Summary:

Now On Demand.

Fallen angels, or high yield bonds originally issued as investment grade corporate bonds, provide a distinct value proposition that sets them apart from the broad high yield market. Differentiated sector exposure, price appreciation, and a higher quality focus have contributed to long term outperformance compared to the broad high yield bond universe. Market volatility and a sharp slowdown in growth have led to dislocations in the credit market and an increase in ratings downgrades. With the volume of new fallen angels already setting records this year, we believe this segment of the high yield market may present a unique and compelling opportunity for fixed income investors. Topics will include:

  • Performance drivers this year
  • The return and credit quality profiles of recent fallen angels
  • The outlook for fallen angels for the rest of the year

Speakers:
Fran Rodilosso Fran Rodilosso Portfolio Manager and Head of Fixed Income ETF Portfolio Management VanEck

Mr. Rodilosso joined VanEck in 2012. He serves as Head of Fixed Income ETF Portfolio Management and is responsible for portfolio strategy, credit, and market analysis.

Prior to joining Van Eck, Mr. Rodilosso served as Managing Director of Global Emerging Markets with The Seaport Group where he launched the firm’s emerging markets fixed income sales and trading business. Mr. Rodilosso’s earlier career experience includes portfolio management positions at Greylock Capital and Soundbrook Capital where he focused on corporate high-yield and distressed situations, with an emphasis on emerging markets. He also held senior fixed income trading positions at Credit Lyonnais and HSBC.

Mr. Rodilosso is a CFA charterholder and a member of the CFA Society New York. He received an MBA from the Wharton School of Business and a AB from Princeton University.
William Sokol William Sokol Senior Product Manager VanEck

William Sokol joined VanEck in 2016 as a product manager for VanEck Vectors ETFs, focusing on the firm’s international fixed income products. Prior to joining VanEck, Mr. Sokol held various product development roles at Prudential Financial, and was a derivatives structurer at BNP Paribas. Mr. Sokol holds a B.S. in Finance from New York University and is a CFA and CAIA charterholder.

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U.S. DISCLOSURES

FOR FINANCIAL ADVISORS ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

This material is for informational purposes only. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as of the date of this communication and are subject to change without notice. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. The information herein represents the opinion of the author(s), but not necessarily those of VanEck.

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