Top Performers YTD

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

Yeartodate top decile total returns are currently dominated by a bifurcated set of distressed and highbeta credits displaying extreme yieldtoworst profiles alongside highgrade longduration instruments. Notable distressdriven opportunities feature prominently in the Chinese property and energy sectors, exemplified by names like MIE Holdings with a staggering 158.46% YTW and Greenland Global Investment sitting at a 132.13% YTW, reflecting aggressive price recoveries from previous deeply oversold troughs. Conversely, the cohort also highlights select sovereign and quasisovereign distressed situations trading at distressed cash prices, such as PDVSA yielding 138.28% and Sovcombank offering an 80.66% YTW. These situations present idiosyncratic recovery plays and speculative momentum for portfolios structured to absorb heightened volatility and specific jurisdiction risk within USDdenominated emerging market debt. At the higherquality end of the spectrum, investmentgrade financial debt and longdated instruments like Zurich Insurance’s 2051 issue, offering a stable 3.60% YTW, balance the asset class extremes. This diverse performance driver mix underscores how tactical positioning across both distressed operational turnarounds and resilient, highgrade structural duration has been critical for generating outsized total returns this year.

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