EFTA Document EFTA01385942

27 March 2015 US Fixed Income Weekly A HY portfolio allocation strategy we introduced 1aSt.MOnth has done well in its inaugural live performance period, registering a 1.1% outperformance of top-80th percentile over bottom-20th percentile names, as ranked by spread- per-turn (Figure 2). Another important attribute of this performance differential is that it is not a function of a simple high-beta outperformance, in that overall ex-energy HY index was down 0.3% for the month, and its CCC com