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Fallen Angels

A Separate and Superior Asset Class

Martin S Fridson and Karen Sterling
The Journal of Fixed Income Winter 2006, 16 (3) 22-29; DOI: https://doi.org/10.3905/jfi.2006.670091
Martin S Fridson
CEO of FridsonVision LLC in New York, NY.
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  • For correspondence: martin@fridsonvision.com
Karen Sterling
An analyst at FridsonVision LLC in New York, NY.
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  • For correspondence: karen@fridsonvision.com
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Abstract

From Benjamin Graham's day to the present, market participants have debated the relative investment merits of fallen angels and original issue high yield bonds. Analysis over the most recent complete cycle indicates that fallen angels have performed better, under both bull and bear market conditions. The edge is not attributable to the fallen angels' higher ratings or longer average maturities. By a commonly applied standard, fallen angels constitute a separate asset class capable of contributing diversification, as well as superior risk-adjusted returns, in a multi-asset portfolio.

TOPICS: Security analysis and valuation, portfolio theory

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The Journal of Fixed Income
Vol. 16, Issue 3
Winter 2006
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Fallen Angels
Martin S Fridson, Karen Sterling
The Journal of Fixed Income Dec 2006, 16 (3) 22-29; DOI: 10.3905/jfi.2006.670091

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Fallen Angels
Martin S Fridson, Karen Sterling
The Journal of Fixed Income Dec 2006, 16 (3) 22-29; DOI: 10.3905/jfi.2006.670091
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