HYXF - Corporate Credit Spreads And Some Other Geeky Data Points

• Coming into COVID-19, a chunk of client bond money was in higher yielding money markets since credit spreads (in my opinion) offered little value prior to March 2020.
• After the 35% correction in the S&P 500, and upon the announcement of the Fed liquidity programs, all that money was moved into corporate credit risk (a tactical bet) given the spread widening that happened.
• Can't recall the source, but Value is on track to outperform Growth for the month, for the first time in years. The question is, "is this sustainable or is it the proverbial dead-cat bounce?"

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