Disclaimer
The views expressed are those of the portfolio manager as of March 2020, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice.
Don't pay too much attention to the default rate. It's rating migration that matters.
Q3 Review: Bifurcation and what the averages don't tell you...
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