Abstract
Here is insight into the investment performance of low-grade light-yield corporate bond mutual funds during 1980 - 1995, which includes the period the high-yield market was recovering from weak performance. There is evidence that low-grade bond mutual funds have both superior and inferior managers and that their portfolio systematic risk is considerably below a commonly used high-yield index.. Total risk for the average high-yield fund exceeds the total risk of the high-yield index, and is not compensated by extra returns. The results also indicate that a January effect holds for high-yield bond funds as well as low-grade bonds, which appears to extend as well to a first six months effect.
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