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Where Can You Look For Upside In A 'Medium-Yield' Market?

The global high-yield market saw robust performance in 2013 with total returns of 7.4% in the US and 10.3% in Europe. Coupon carry combined with a low default environment drove much of the performance in our view. In the US average yields neither exceeded nor disappointed expectations ending the year close to where they began while European high yield outperformed US high yield for the second year in a row as the region finally showed signs of emerging from recession.

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