Fallen Angels: A Preponderance Of REITs

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The "January effect" has extended into 2024, with fallen angels outperforming broad high yield. The ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) outpaced the ICE BofA US High Yield Index (H0A0), primarily driven by unique security and sector exposure, notably in Real Estate, Retail, and Telecom.