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Volatility Warrants Caution In U.S. High Yield

Published Sun, 11 Aug 2019 11:28:56 -0400 on Seeking Alpha

, CFA
In a period of falling interest rates, yield is dear, and high yield therefore remains an attractive asset class. However, with increased interest rate volatility and uncertainty around economic growth, Portfolio Manager Seth Meyer says a cautious approach and a focus on strong company fundamentals are warranted.
Transcript Seth Meyer: I think what's important for investors to remember is that bouts of volatility like what we were just experiencing right now are something that either create opportunity - or as an investor or someone who's invested in markets in high yield or equities - a time to sit back and reevaluate what's happening. Recall, Q4 of last year, we had a significant widening and sell-off of risk assets. We had a very similar event happen in … after … post Q1 this year. We're absorbing something right now.
What actually caused what's happening right now? If you think about the confluence of events that have actually happened over the past week, the tweets from Trump - that was definitely a situation that caused some issue as far as what was happening with China and U.S. relations in regards to trade and how we're going to price risk assets in regards to U.S. and global economic growth going forward.
Couple that with the Fed meeting. I thought the Fed did a really good job of addressing the concerns of the market. I thought there was one specific comment that he made that actually is making the markets a little uneasy: When asked whether or not... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
MFS INTERMEDIATE HIGH INCOME FUND 2.68   0.0 0.00 0.00 9.08
CS HIGH YIELD BOND FUND 2.58   0.0 0.00 0.00 8.87
PIONEER HIGH INCOME TRUST 9.29   0.0 0.00 0.00 8.72
WELLS FARGO ADV INCOME OPP FUND 8.20   0.0 0.00 0.00 8.61
ARES DYNAMIC CREDIT ALLOCATION FUND 15.08   0.0 0.00 0.00 8.56
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND 3.16   0.0 0.00 0.27 8.52
WA HIGH INCOME FUND II 6.76   0.0 0.00 0.00 8.27
BLACKROCK CORPORATE HIGH YIELD FUND VI 10.76   0.0 0.00 0.00 8.01
FIRST TRUST STRATEGIC HIGH INCOME FUND II 12.35   0.0 0.00 0.00 7.77
BLACKROCK DEBT STRATEGIES FUND 10.78   0.0 0.00 0.00 7.63
NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND 12.01   0.0 0.00 0.98 7.45
MASSMUTUAL CORP INV 16.54   0.0 0.00 1.20 7.27
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 108.94   0.0 0.00 6.07 5.58
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 87.32   0.0 0.00 4.60 5.27
VANGUARD EXTENDED DURATION TREASURY ETF 137.28   0.0 0.00 0.00 2.29
SPDR BARCLAYS CAPITAL 1-3 MONTH T-BILL ETF  

MFS INTERMEDIATE HIGH INCOME FUND - CIF
MFS INTERMEDIATE HIGH INCOME FUND - CIF  


Older articles featuring Mfs Intermediate High Income Fund (CIF):
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