Top Performers YTD

The top decile of bonds by year-to-date total return.

The yeartodate top decile presents a bifurcated opportunity set, dominated heavily by highbeta emerging market financials and select distressed sovereigns exhibiting extraordinary nominal yields. Issuers such as Lebanon through its LEBAN 6.85% 2027 note at a 203.3% YTW, and Venezuela via the PDVSA 5.375% 2027 offering a 138.276% YTW, underscore the massive capital appreciation driving this cohort's performance. Conversely, the screen captures highquality, investmentgrade financial paper providing compelling riskadjusted carry without deep distress exposure, anchored by solid credits like the BAC 4.98% 2029 at 4.416% YTW and Saudi National Bank's SNBAB 5.08% 2029 yielding 4.906%. Across the broader topperforming decile, heavy representation from Chinese propertylinked and international financial names—such as Yuzhou's 6% 2027 at a 376.042% YTW—highlights how idiosyncratic restructuring outcomes and depressed entry prices have generated outsized total returns for active fixedincome desks willing to navigate acute credit dispersion.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.