Since March, we have recommended moving away from high yield, slowly, as the risk-return hasn't been as favorable. When we started our marketplace service in early 2016, the environment for high yield was considerably different than today. High yield spreads were very wide stemming from the oil-swoon blowout of 2014-2015.
At 3.33% today, the value just isn't there. Spreads falling ~500-600 bps in the last two years were very supportive of our strategy, and we went "all in" exposing nearly 60% of our Core Income Portfolio to the sector in one form or another.
While