Columbia High Yield Bond Fund Institutional Class shares returned -0.28% for the quarter ending March 31, 2026.
The fund's benchmark, the ICE BofA US Cash Pay High Yield Constrained Index (the benchmark), returned -0.53% for the same period.
While U.S. high-yield valuations have adjusted wider, they remain well inside long-term medians, and the market has not experienced volatility to the same degree as the 2025 surprise tariff announcements.
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Market overview
The ICE BofA U.S. High Yield, Cash Pay, Constrained Index (the Benchmark) returned -0.53% over the first quarter. Lower quality issues underperformed materially, with BB, B, and CCC-rated issues returning -0.40%, -0.39%, and -2.97%, respectively. Overall spreads ended 53 basis points (bps) wider. (A basis point is 1/100 of a percent.)
