Impax High Yield Bond Fund portfolio underperformed its benchmark during the first quarter on a net of fees basis.
During the period, performance was led by higher-quality credits, as BBs outperformed Single Bs and CCCs and below, with quarterly returns of -0.40%, -0.39%, and -2.67%, respectively.
During the period, the underweight allocation to the financial services, services, and real estate sectors contributed positively to performance.
US high yield enters the second quarter navigating geopolitical uncertainty, stickier inflation, and shifting Fed rate expectations.
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Performance
The High Yield Bond portfolio underperformed its benchmark during the first quarter on a net of fees basis. Sector allocation decisions were the primary driver of the underperformance overwhelmingly due to the strategy's zero
