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448 <span v-if="jurisdiction && userType"> 449 <div v-if="isAuthorMode" v-html="options[jurisdiction]['role'][userType]['language'][language]['disclosure']" class="disclaimer-text"></div> 450 <div v-else v-html="options[jurisdiction]['role'][userType]['language'][language]['disclosure'].replaceAll('/content/imemea','')" class="disclaimer-text"></div> 451 </span> 452 <span v-else style="color: red;">Disclaimer Not Available</span> 453 454 <div class="disclaimer-confirm"> 455 <label for="selector-form-confirm" class="disclaimer-confirm--label"> 456 <input id="selector-form-confirm" class="disclaimer-confirm--checkbox" type="checkbox" v-model="checkBoxValidation"/>  457 458 <span class="roleBasedClass" data-i18n-en="I am an" v-i18n></span> <span v-bind:data-i18n-en="userTypeText" v-i18n></span> 459 </label> 460 </div> 461 <div class="disclaimer-button"> 462 <button type="submit" :disabled="!checkBoxValidation" data-i18n-en="Proceed" v-i18n></button> 463 <svg width="12" height="12" viewBox="0 0 12 12" fill="none" xmlns="http://www.w3.org/2000/svg"> 464 <path fill-rule="evenodd" clip-rule="evenodd" d="M6 0L4.9425 1.0575L9.1275 5.25H0V6.75H9.1275L4.9425 10.9425L6 12L12 6L6 0Z" fill="currentColor"></path> 465 </svg> 466 </div> 467 </div> 468 </form> 469 </div> 470 </div> 471 </div> 472 </div> 473</section> 474 475 476 477<link rel="stylesheet" href="/etc.clientlibs/im/clientlibs/im.one-bny.jurisdictionselector.lc-85baf9eafdcca673be509dfc3d899da7-lc.min.css" type="text/css">
478<script src="/etc.clientlibs/im/clientlibs/im.one-bny.jurisdictionselector.lc-faf7f218649dad1053577b37ddfb236a-lc.min.js"></script>
478 479 480 481 482 483 484 </div> 485 </dialog> 486 487
488<script> 489 $(document).ready(function(){ 490 if($('.dreyfusHeaderOneBNY').length == 0) 491 { 492 if ($(window).width() <= 768) { 493 if ($(".personalization-nav__trigger__country_role").length == 1) { 494 var navHeaderEL = $(".personalization-nav__trigger__country_role").parent(); 495 496 497 $(".country-selector.only-mobile").append( 498 $(navHeaderEL) 499 ); 500 } 501 502 if ($(".personalization-nav__trigger--account").length == 1) { 503 var navAccEL = $(".personalization-nav__trigger--account").parent(); 504 505 506 $(".country-selector.only-mobile").append( 507 $(navAccEL) 508 ); 509 } 510 511 var profContainerEL = $("#profile-containers").parent(); 512 513 $(".country-selector.only-mobile").append( 514 $(profContainerEL) 515 ); 516 517 $(".one-Bny-PersonalizationNav").remove(); 518 $(".only-desktop-region-selector").remove(); 519 } else { 520 if ($(".one-Bny-PersonalizationNav").length == 1) { 521 var navHeaderEL = $(".one-Bny-PersonalizationNav"); 522 $(".one-Bny-PersonalizationNav").remove(); 523 $(".nav-header .superNav-section:first").after(navHeaderEL); 524 } 525 $(".only-mobile-region-selector").remove(); 526 } 527 } 528 529 530 $(document).ready(function() { 531 532 var seen = false; 533 534 $('dialog#country-dialog').each(function() { 535 if (seen) { 536 $(this).remove(); 537 } else { 538 seen = true; 539 } 540 }); 541 542 }); 543 544 }); 545</script>
545 546 547 548 549<link rel="stylesheet" href="/etc.clientlibs/im/clientlibs/im.one-bny.regionSelector.lc-5ca10b1437f6af3ee8b0c5d728c3d40b-lc.min.css" type="text/css">
550<script src="/etc.clientlibs/im/clientlibs/im.one-bny.regionSelector.lc-85628da9e0540f487081532ac62d2a95-lc.min.js"></script>
550 551 552 553 554 555 556 <div> 557 558 559<div class=""> 560 <div class="root responsivegrid"> 561 562 563<div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> 564 565 <div class="header aem-GridColumn aem-GridColumn--default--12"> 566 567 568<link rel="stylesheet" href="/etc.clientlibs/bnymellon/components/navigation/header/clientlibs.lc-8b7c327dd5ad634be62e7ac81e953427-lc.min.css" type="text/css"> 569 570 571 572 573 574<div class="parent-header"> 575 <div class="nav-header" id="sticky-header"> 576 <div class="superNav-section navContainer bnym-container-fullwidth" style="--variable-superNavBackgroundColor:#00243D;"> 577 578 579 580 581 582 583 584 585 586 587 588 589 </div> 590 <div class="navcontainer bnym-container-fullwidth"> 591 <nav class="navbar navbar-expand-lg"> 592 <div class="container-fluid no-padding"> 593 594<a class="navbar-brand only-desktop" id="main-logo-desktop" href="/investments/us/en/intermediary.html"> 595 <svg id="uuid-3edac940-c491-4603-a4b5-f01e7da6ea12" xmlns="http://www.w3.org/2000/svg" version="1.1" viewBox="60 60 770 70"> 596 <defs> 597 <style> 598 .cls-1 { 599 fill: #00243d; 600 } 601 602 .cls-1, .cls-2 { 603 stroke-width: 0px; 604 } 605 606 .cls-2 { 607 fill: #2d9bad; 608 } 609 </style> 610 </defs> 611 <polygon class="cls-2" points="123.4 92.8 89.2 105.9 62.2 116.3 79.5 92.8 62.2 69.3 89.2 79.7 123.4 92.8"/> 612 <path class="cls-1" d="M420.5,113.2h5.2v-40.7h-5.2v40.7ZM464.3,105.3l-19-32.9h-6.7v40.7h4.9v-34.6l20,34.6h5.7v-40.7h-4.9v32.9h0ZM493.7,106.8l-11.2-34.4h-5.3l13.7,40.7h5.3l13.7-40.7h-5.2l-11,34.4ZM517.9,113.2h26.6v-4.7h-21.5v-14h18.8v-4.8h-18.8v-12.5h21.5v-4.7h-26.6v40.7h0ZM571.2,90.4l-6.8-1c-3-.5-6.1-2.1-6.1-5.8s3.8-7.2,8.9-7.2,8.9,3,9.2,8h5.3c-.2-7.6-6.5-12.7-14.5-12.7s-14.2,5.1-14.2,12.1,4.7,9.9,10.8,10.8l6.4,1c4.8.7,6.8,3.4,6.8,6.5,0,4.6-4.1,7.2-9.7,7.2s-10.6-3.6-10.7-9h-5.3c0,8.2,6.8,13.7,16,13.7s15-4.6,15-11.9-4.5-10.6-11.3-11.6h0ZM587.2,77.2h13v35.9h5.2v-35.9h13v-4.8h-31.1v4.8h0ZM646.2,105.6l-12.1-33.1h-7.6v40.7h4.9v-35.1l12.6,34.6h4.1l12.6-34.3v34.8h4.9v-40.7h-7.4l-12,33.1h0ZM678.5,113.2h26.6v-4.7h-21.5v-14h18.8v-4.8h-18.8v-12.5h21.5v-4.7h-26.6v40.7h0ZM741.4,105.3l-19-32.9h-6.7v40.7h4.9v-34.6l20,34.6h5.7v-40.7h-4.9v32.9h0ZM754.5,77.2h13v35.9h5.2v-35.9h13v-4.8h-31.1v4.8h0ZM809.6,90.4l-6.8-1c-3-.5-6.1-2.1-6.1-5.8s3.8-7.2,8.9-7.2,8.9,3,9.2,8h5.3c-.2-7.6-6.5-12.7-14.5-12.7s-14.2,5.1-14.2,12.1,4.7,9.9,10.8,10.8l6.4,1c4.8.7,6.8,3.4,6.8,6.5,0,4.6-4.1,7.2-9.7,7.2s-10.6-3.6-10.7-9h-5.3c0,8.2,6.8,13.7,16,13.7s15-4.6,15-11.9-4.5-10.6-11.3-11.6h0ZM379.1,123.4h5.1v-61.2h-5.1v61.2ZM187.4,89.8c4.5-.6,11-5.1,11-12.6v-.9c0-6.7-4.2-14.1-21.4-14.1h-44.3v61.2h44.6c19.2,0,24.1-9.2,24.1-17.2v-.9c0-9.6-7.2-14.6-14-15.5h0ZM151.5,74.8h20.9c4.9,0,6.5,2.4,6.5,5.3s-1.5,5.2-6.5,5.2h-20.9v-10.5ZM181.2,103.3c0,3.1-1.6,6-7.5,6h-22.2v-11.5h22.2c5.9,0,7.5,2.5,7.5,5.5h0c0,0,0,0,0,0ZM309.9,80.1l-13.2-17.9h-41.9v34.2l-25.2-34.2h-21.8v61.2h18.8v-33.7l24.9,33.7h22.1v-61l26.1,35.5v25.5h20.2v-25.5l26.3-35.7h-23.2l-13.2,17.9h0Z"/> 613</svg></a> 614 615 616 617 <div class="navbar-toggler collapsed" type="button" data-bs-toggle="collapse" data-bs-target="#navbarSupportedContent" aria-controls="navbarSupportedContent" aria-expanded="false" aria-label="Toggle navigation"> 618 <!--span> </span--> 619 <i class="material-icons">menu</i> 620 </div> 621 622<a class="navbar-brand only-mobile" id="main-logo-mobile" href="/investments/us/en/intermediary.html"> 623 <svg id="uuid-3edac940-c491-4603-a4b5-f01e7da6ea12" xmlns="http://www.w3.org/2000/svg" version="1.1" viewBox="60 60 770 70"> 624 <defs> 625 <style> 626 .cls-1 { 627 fill: #00243d; 628 } 629 630 .cls-1, .cls-2 { 631 stroke-width: 0px; 632 } 633 634 .cls-2 { 635 fill: #2d9bad; 636 } 637 </style> 638 </defs> 639 <polygon class="cls-2" points="123.4 92.8 89.2 105.9 62.2 116.3 79.5 92.8 62.2 69.3 89.2 79.7 123.4 92.8"/> 640 <path class="cls-1" d="M420.5,113.2h5.2v-40.7h-5.2v40.7ZM464.3,105.3l-19-32.9h-6.7v40.7h4.9v-34.6l20,34.6h5.7v-40.7h-4.9v32.9h0ZM493.7,106.8l-11.2-34.4h-5.3l13.7,40.7h5.3l13.7-40.7h-5.2l-11,34.4ZM517.9,113.2h26.6v-4.7h-21.5v-14h18.8v-4.8h-18.8v-12.5h21.5v-4.7h-26.6v40.7h0ZM571.2,90.4l-6.8-1c-3-.5-6.1-2.1-6.1-5.8s3.8-7.2,8.9-7.2,8.9,3,9.2,8h5.3c-.2-7.6-6.5-12.7-14.5-12.7s-14.2,5.1-14.2,12.1,4.7,9.9,10.8,10.8l6.4,1c4.8.7,6.8,3.4,6.8,6.5,0,4.6-4.1,7.2-9.7,7.2s-10.6-3.6-10.7-9h-5.3c0,8.2,6.8,13.7,16,13.7s15-4.6,15-11.9-4.5-10.6-11.3-11.6h0ZM587.2,77.2h13v35.9h5.2v-35.9h13v-4.8h-31.1v4.8h0ZM646.2,105.6l-12.1-33.1h-7.6v40.7h4.9v-35.1l12.6,34.6h4.1l12.6-34.3v34.8h4.9v-40.7h-7.4l-12,33.1h0ZM678.5,113.2h26.6v-4.7h-21.5v-14h18.8v-4.8h-18.8v-12.5h21.5v-4.7h-26.6v40.7h0ZM741.4,105.3l-19-32.9h-6.7v40.7h4.9v-34.6l20,34.6h5.7v-40.7
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702 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">ETFs</span> 703 </a> 704 <p class="av-link-secondary-header-description"> 705 </p> 706 707 708 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/lt.html"> 709 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Mutual Funds</span> 710 </a> 711 <p class="av-link-secondary-header-description"> 712 </p> 713 714 715 716 717 718 719 720 </div> 721 </div> 722 723 724 <div class="col-lg-4 col-md-6 col-sm-12 right-panel menu right-panel-row nav-section2 border-right" style="background: #FFFFFF"> 725 <div class="nav-item-secondary-header"> 726 727 728 729 730 731 732 733 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/separately-managed-accounts.html"> 734 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Separately Managed Accounts</span> 735 </a> 736 <p class="av-link-secondary-header-description"> 737 </p> 738 739 740 741 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/bny-model-portfolios.html"> 742 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">BNY Model Portfolios</span> 743 </a> 744 <p class="av-link-secondary-header-description"> 745 </p> 746 747 748 749 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/closed-end-funds.html"> 750 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Closed-End Funds</span> 751 </a> 752 <p class="av-link-secondary-header-description"> 753 </p> 754 755 756 757 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/closed-end-funds.html"> 758 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Overview</span> 759 </a> 760 <p class="av-link-secondary-header-description"> 761 </p> 762 763 764 765 766 767 768 </div> 769 </div> 770 771 772 773 774 775 776 777 <div class="col-lg-4 col-md-6 col-sm-12 menu right-panel right-panel-row nav-section3 " style="background: #FFFFFF"> 778 <div class="nav-item-secondary-header" style="--variable-linkColorNav3:#000"> 779 780 781 782 783 784 785 786 787 788 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/mm.html"> 789 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Money Market Funds</span> 790 </a> 791 <p class="av-link-secondary-header-description"> 792 </p> 793 794 795 796 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/variable-products.html">
797 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Variable Investment Trusts</span> 798 </a> 799 <p class="av-link-secondary-header-description"> 800 </p> 801 802 803 804 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/bny-mellon.html"> 805 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">BNY Mellon Funds Trust</span> 806 </a> 807 <p class="av-link-secondary-header-description"> 808 </p> 809 810 811 812 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/products/nra-offshore.html#overview"> 813 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Offshore Money Market Funds (For non-U.S. persons)</span> 814 </a> 815 <p class="av-link-secondary-header-description"> 816 </p> 817 818 819 820 821 </div> 822 </div> 823 824 825 826 827 828 829 </div> 830</div> 831 832 </li> 833 834 <li class="nav-item dropdown"> 835 <a class="nav-link dropdown-toggle" href="#" role="button" data-bs-toggle="dropdown" aria-expanded="false"> 836 <span>Insights</span> 837 <i class="material-icons">keyboard_arrow_down</i> 838 839 </a> 840 841 <div class="dropdown-menu"> 842 <div class="row panel-row" style="--variable-fontColorSec1:#000;--variable-fontColorSec2:#000; --variable-fontColorSec3:#000"> 843 844 845 846 <div class="col-lg-4 col-md-12 col-sm-12 left-panel menu nav-section1 border-right" style="background: #FFFFFF"> 847 <div class="nav-item-secondary-header"> 848 849 850 851 852 853 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/insights.html"> 854 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Featured Insights</span> 855 </a> 856 <p class="av-link-secondary-header-description"> 857 </p> 858 859 860 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/all-insights.html"> 861 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">All Insights</span> 862 </a> 863 <p class="av-link-secondary-header-description"> 864 </p> 865 866 867 <a class="nav-link-secondary-header" aria-current="page" href="https://www.bny.com/corporate/global/en/institute.html"> 868 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">BNY Institute</span> 869 </a> 870 <p class="av-link-secondary-header-description"> 871 </p> 872 873 874 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/perspectives/in-the-news.html">
875 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">In the news</span> 876 </a> 877 <p class="av-link-secondary-header-description"> 878 </p> 879 880 881 882 </div> 883 </div> 884 885 886 887 888 889 890 891 892 893 894 895 896 897 </div> 898</div> 899 900 </li> 901 902 <li class="nav-item dropdown"> 903 <a class="nav-link dropdown-toggle" href="#" role="button" data-bs-toggle="dropdown" aria-expanded="false"> 904 <span>Resources</span> 905 <i class="material-icons">keyboard_arrow_down</i> 906 907 </a> 908 909 <div class="dropdown-menu"> 910 <div class="row panel-row" style="--variable-fontColorSec1:#000;--variable-fontColorSec2:#000; --variable-fontColorSec3:#000"> 911 912 913 914 <div class="col-lg-4 col-md-12 col-sm-12 left-panel menu nav-section1 border-right" style="background: #FFFFFF"> 915 <div class="nav-item-secondary-header"> 916 917 918 919 920 921 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/bny-pinpoint.html"> 922 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">BNY PinPointâ Portfolio Consultation Service</span> 923 </a> 924 <p class="av-link-secondary-header-description"> 925 </p> 926 927 928 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/literature-center.html#mutual-funds"> 929 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Literature Center</span> 930 </a> 931 <p class="av-link-secondary-header-description"> 932 </p> 933 934 935 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/retirement.html"> 936 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Regular">Retirement Checklists</span> 937 </a> 938 <p class="av-link-secondary-header-description"> 939 </p> 940 941 942 943 944 945 946 947 </div> 948 </div> 949 950 951 <div class="col-lg-4 col-md-6 col-sm-12 right-panel menu right-panel-row nav-section2 border-right" style="background: #FFFFFF"> 952 <div class="nav-item-secondary-header"> 953 954 955 956 957 958 959 960 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/tax-center.html"> 961 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Tax Center</span> 962 </a> 963 <p class="av-link-secondary-header-description"> 964 </p> 965 966 967 968 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/manage-client-accounts.html">
969 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Manage Client Accounts</span> 970 </a> 971 <p class="av-link-secondary-header-description"> 972 </p> 973 974 975 976 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/perspectives/in-the-news.html"> 977 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold"> In The News</span> 978 </a> 979 <p class="av-link-secondary-header-description"> 980 </p> 981 982 983 984 985 986 987 </div> 988 </div> 989 990 991 992 993 994 995 996 <div class="col-lg-4 col-md-6 col-sm-12 menu right-panel right-panel-row nav-section3 " style="background: #FFFFFF"> 997 <div class="nav-item-secondary-header" style="--variable-linkColorNav3:#000"> 998 999 1000 1001 1002 1003 1004 1005 1006 1007 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/account-forms.html"> 1008 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Account Forms</span> 1009 </a> 1010 <p class="av-link-secondary-header-description"> 1011 </p> 1012 1013 1014 1015 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/resources/contact-us.html"> 1016 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">Contact us</span> 1017 </a> 1018 <p class="av-link-secondary-header-description"> 1019 </p> 1020 1021 1022 1023 1024 </div> 1025 </div> 1026 1027 1028 1029 1030 1031 1032 </div> 1033</div> 1034 1035 </li> 1036 1037 <li class="nav-item dropdown"> 1038 <a class="nav-link dropdown-toggle" href="#" role="button" data-bs-toggle="dropdown" aria-expanded="false"> 1039 <span>About Us</span> 1040 <i class="material-icons">keyboard_arrow_down</i> 1041 1042 </a> 1043 1044 <div class="dropdown-menu"> 1045 <div class="row panel-row" style="--variable-fontColorSec1:#000;--variable-fontColorSec2:#000; --variable-fontColorSec3:#000"> 1046 1047 1048 1049 <div class="col-lg-4 col-md-12 col-sm-12 left-panel menu nav-section1 border-right" style="background: #EFF5F6"> 1050 <div class="nav-item-secondary-header"> 1051 1052 1053 1054 1055 1056 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/about-us.html"> 1057 <span style="font-family:BNYM_CORPORATE_Akkurat_Pro_Bold">About BNY Investments</span> 1058 </a> 1059 <p class="av-link-secondary-header-description"> 1060 </p> 1061 1062 1063 <a class="nav-link-secondary-header" aria-current="page" href="/investments/us/en/intermediary/investment-approach.html">
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letter-spacing: 0.005em;"> 1463 1464 1465 <span class="cmp-pagebanner-hero__text" style="color:#fff!important;position:unset;transform:none;"> 1466 <h1>Hidden in Plain Sight: Seeking Opportunities in Fallen Angels</h1> 1467 </span> 1468 1469 </h1> 1470 <div class="hero__wrapper__summary"> 1471 <p>Fallen angels, or bonds downgraded from investment grade to high yield, have quietly outperformed comparable fixed income markets across most near- and 1472longer-term time horizons.</p> 1473 </div> 1474 </div> 1475 </div> 1476 </div> 1477 </div> 1478 1479 1480 1481</div> 1482<div class="socialshare aem-GridColumn aem-GridColumn--default--12"> 1483 1484 1485<link rel="stylesheet" href="/etc.clientlibs/im/components/embed/socialshare/clientlibs.lc-4b6050218a5b1195be1d06e21546bc1d-lc.min.css" type="text/css"> 1486 1487 1488 1489 1490<div> 1491 <section class="module"> 1492 <style>.module-content-sharing { padding-top: 20px; padding-bottom: 10px }</style> 1493 <section class=" module module-content-sharing"> 1494 <div class="wrapper"> 1495 <ul style="text-align:right"> 1496 <li> 1497 <a href="https://twitter.com/intent/tweet?source=https%3A%2F%2Fwww.bny.com%2Finvestments%2Fus%2Fen%2Fintermediary%2Farticles%2Ffixed-income%2Fhidden-in-plain-sight-seeking-opportunities-in-fallen-angels.html&text=Hidden+in+Plain+Sight%3A+Seeking+Opportunities+in+Fallen+Angels%3A+https%3A%2F%2Fwww.bny.com%2Finvestments%2Fus%2Fen%2Fintermediary%2Farticles%2Ffixed-income%2Fhidden-in-plain-sight-seeking-opportunities-in-fallen-angels.html&via=bnymellon" target="_blank" title="Tweet" onclick="window.open(" https:="" twitter.com="" intent="" tweet?text="Hidden+in+Plain+Sight%3A+Seeking+Opportunities+in+Fallen+Angels%3A+https%3A%2F%2Fwww.bny.com%2Finvestments%2Fus%2Fen%2Fintermediary%2Farticles%2Ffixed-income%2Fhidden-in-plain-sight-seeking-opportunities-in-fallen-angels.html); 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With downgrades potentially picking up, now may be the time to take another look at the asset class.</i></h2> 1541 1542</div> 1543 1544 1545 1546 1547</div> 1548<div class="richtextbox text section"> 1549 1550 1551 1552 1553 1554 1555<div id="richtextbox-1034e7642f" class="cmp-text wysiwyg"> 1556 <h3>Fallen Angels Have Performed Historically Well Against Other Credit Markets</h3> 1557<p>Fallen angelsâ track record is compelling across many periods, with only one notable weak spot: their five-year performance versus U.S. high yield, which was a result of the 2022 rising rate environment.</p> 1558 1559</div> 1560 1561 1562 1563 1564</div> 1565<div class="imcontainer section"><div> 1566 1567 1568 <section class="module"> 1569 <div> 1570 1571 1572 1573 1574 1575 1576 1577 1578 1579 1580 <div class="col-md-10 col-sm-12"> 1581 <div><div class="richtextbox text section"> 1582 1583 1584 1585 1586 1587 1588<div id="richtextbox-8c1180e19a" class="cmp-text wysiwyg"> 1589 <h3>A Compelling Track Record</h3> 1590 1591</div> 1592 1593 1594 1595 1596</div> 1597<div class="image section"> 1598 1599 1600<link rel="stylesheet" href="/etc.clientlibs/core/wcm/components/image/v2/image/clientlibs/site.lc-b104a4a85c21511ada13e2c6e7552d37-lc.min.css" type="text/css"> 1601<link rel="stylesheet" href="/etc.clientlibs/mellondotcom/components/content/portlets/webComponents/image/clientlibs/site.lc-37caf7b7725385222b2019eee306cc60-lc.min.css" type="text/css"> 1602<link rel="stylesheet" href="/etc.clientlibs/imemea/components/general/image/clientlibs/site.lc-c4e75309ff1255bc3192202a471edd63-lc.min.css" type="text/css"> 1603<link rel="stylesheet" href="/etc.clientlibs/im/components/general/image/clientlibs/site.lc-c4e75309ff1255bc3192202a471edd63-lc.min.css" type="text/css">
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1606 1607 1608 1609 1610 1611 1612 1613 1614<div data-cmp-is="image" data-cmp-lazy data-cmp-lazythreshold="0" data-cmp-src="/investments/us/en/intermediary/articles/fixed-income/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels/_jcr_content/root/responsivegrid/imcontainer/res/imcontainer/res1/image.coreimg{.width}.jpeg/1786629668284/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-01.jpeg" data-asset="/content/dam/im/im-na/articles/other-images/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-01.jpg" data-asset-id="1c8da0ea-0a00-43d4-bafc-c328ef3e3d4c" itemscope itemtype="http://schema.org/ImageObject"> 1615 1616 1617 <noscript data-cmp-hook-image="noscript"> 1618 <img src="/investments/us/en/intermediary/articles/fixed-income/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels/_jcr_content/root/responsivegrid/imcontainer/res/imcontainer/res1/image.coreimg.jpeg/1786629668284/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-01.jpeg" class="cmp-image__image" itemprop="contentUrl" data-cmp-hook-image="image" alt="hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-01.jpg"/> 1619 </noscript> 1620 1621</div> 1622 1623 1624 1625</div> 1626 1627</div> 1628 </div> 1629 1630 1631 1632 <div class="col-md-2 col-sm-12"> 1633 <div> 1634</div> 1635 </div> 1636 1637 1638 1639 1640 1641 1642 </div> 1643 </section> 1644 1645 1646 1647 1648 1649 1650 1651 1652</div></div> 1653<div class="richtextbox text section"> 1654 1655 1656 1657 1658 1659 1660<div id="richtextbox-3751245065" class="cmp-text wysiwyg"> 1661 <p>The composition of fallen angel returns has historically mirrored high yield corporates more than investment grade companies. Like high yield, fallen angels have seen greater contributions from credit spread (or âexcessâ returns versus Treasuries), potentially offering diversification benefits against investment grade bonds. These returns are largely driven by fallen angelsâ typically wider credit spreads relative to investment grade bonds.</p> 1662 1663</div> 1664 1665 1666 1667 1668</div> 1669<div class="imcontainer section"><div> 1670 1671 1672 <section class="module"> 1673 <div> 1674 1675 1676 1677 1678 1679 1680 1681 1682 1683 1684 <div class="col-md-10 col-sm-12"> 1685 <div><div class="richtextbox text section"> 1686 1687 1688 1689 1690 1691 1692<div id="richtextbox-3066774c5e" class="cmp-text wysiwyg"> 1693 <h3>Credit Spreads, Not Interest Rates, Have Driven Strong Fallen Angel Performance Versus High Yield</h3> 1694 1695</div> 1696 1697 1698 1699 1700</div> 1701<div class="image section"> 1702 1703 1704 1705 1706 1707 1708 1709 1710 1711<div data-cmp-is="image" data-cmp-lazy data-cmp-lazythreshold="0" data-cmp-src="/investments/us/en/intermediary/articles/fixed-income/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels/_jcr_content/root/responsivegrid/imcontainer/res/imcontainer_copy/res1/image.coreimg{.width}.jpeg/1786629668322/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-02.jpeg" data-asset="/content/dam/im/im-na/articles/other-images/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-02.jpg" data-asset-id="d9adbdea-aab5-4025-969d-bbf5e9b02b80" itemscope itemtype="http://schema.org/ImageObject"> 1712 1713 1714 <noscript data-cmp-hook-image="noscript"> 1715 <img src="/investments/us/en/intermediary/articles/fixed-income/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels/_jcr_content/root/responsivegrid/imcontainer/res/imcontainer_copy/res1/image.coreimg.jpeg/1786629668322/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-02.jpeg" class="cmp-image__image" itemprop="contentUrl" data-cmp-hook-image="image" alt="hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-02.jpg"/> 1716 </noscript> 1717 1718</div> 1719 1720 1721 1722</div> 1723 1724</div> 1725 </div> 1726 1727 1728 1729 <div class="col-md-2 col-sm-12"> 1730 <div> 1731</div> 1732 </div> 1733 1734 1735 1736 1737 1738 1739 </div> 1740 </section> 1741 1742 1743 1744 1745 1746 1747 1748 1749</div></div> 1750<div class="richtextbox text section"> 1751 1752 1753 1754 1755 1756 1757<div id="richtextbox-624355f2bb" class="cmp-text wysiwyg"> 1758 <h3>Can a Wave of Downgrades Improve Near-Term Fallen Angel Returns Further?</h3> 1759<p>When a bond is downgraded from investment grade to high yield, it gets removed from investment grade indices, forcing passive funds and many active managers to sell simultaneously. Many funds are unable to hold any bond below investment grade, creating âforced sellers.â This may lead to overselling, creating potentially compelling entry points for other investors.</p> 1760<p>Our research indicates that sector downgrade waves historically coincided with higher fallen angel returns, and we believe business development companies (BDCs) are a sector to watch for future downgrade candidates.<sup>1</sup> BDCs have had a difficult year, partly due to concerns around software exposure and most of the market holds BBB ratings (the lowest investment grade rating) and many trade in line with high yield companies.</p> 1761 1762</div> 1763 1764 1765 1766 1767</div> 1768<div class="imcontainer section"><div> 1769 1770 1771 <section class="module"> 1772 <div> 1773 1774 1775 1776 1777 1778 1779 1780 1781 1782 1783 <div class="col-md-10 col-sm-12"> 1784 <div><div class="richtextbox text section"> 1785 1786 1787 1788 1789 1790 1791<div id="richtextbox-c2a084ca72" class="cmp-text wysiwyg"> 1792 <h3>Waves of Downgrades Have Historically Coincided with Higher Fallen Angel Returns</h3> 1793 1794</div> 1795 1796 1797 1798 1799</div> 1800<div class="image section"> 1801 1802 1803 1804 1805 1806 1807 1808 1809 1810<div data-cmp-is="image" data-cmp-lazy data-cmp-lazythreshold="0" data-cmp-src="/investments/us/en/intermediary/articles/fixed-income/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels/_jcr_content/root/responsivegrid/imcontainer/res/imcontainer_
1810copy_cop/res1/image.coreimg{.width}.jpeg/1786629668361/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-03.jpeg" data-asset="/content/dam/im/im-na/articles/other-images/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-03.jpg" data-asset-id="341ef9e1-94a2-4129-a6b2-4411230955ac" itemscope itemtype="http://schema.org/ImageObject"> 1811 1812 1813 <noscript data-cmp-hook-image="noscript"> 1814 <img src="/investments/us/en/intermediary/articles/fixed-income/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels/_jcr_content/root/responsivegrid/imcontainer/res/imcontainer_copy_cop/res1/image.coreimg.jpeg/1786629668361/hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-03.jpeg" class="cmp-image__image" itemprop="contentUrl" data-cmp-hook-image="image" alt="hidden-in-plain-sight-seeking-opportunities-in-fallen-angels-chart-03.jpg"/> 1815 </noscript> 1816 1817</div> 1818 1819 1820 1821</div> 1822 1823</div> 1824 </div> 1825 1826 1827 1828 <div class="col-md-2 col-sm-12"> 1829 <div> 1830</div> 1831 </div> 1832 1833 1834 1835 1836 1837 1838 </div> 1839 </section> 1840 1841 1842 1843 1844 1845 1846 1847 1848</div></div> 1849<div class="richtextbox text section"> 1850 1851 1852 1853 1854 1855 1856<div id="richtextbox-3d21f97bcb" class="cmp-text wysiwyg"> 1857 <p>We see signs that downgrades may also pick up across other sectors. Fallen angel downgrades have been low since the pandemic, but $30 billion has entered fallen angel indices year-to-date, already making it the highest level since 2020.</p> 1858<h3>Economic Conditions May Also Indicate a Potential Catalyst for Downgrades</h3> 1859<p>Consumers, particularly in lower-income brackets, are increasingly dipping into savings to support consumption, leaving the personal savings rate at its lowest level since 2022.<sup>
18592</sup> A declining savings rate signals that consumers are under financial pressure, which can weigh on corporate revenues and earnings, particularly for consumer-facing companies, and ultimately increase the likelihood of credit downgrades.</p> 1860<p>Trends are also moving toward higher mergers and acquisitions (M&A) activity. Goldman Sachs forecast M&A volumes of $3.8 trillion in 2026,<sup>3</sup> driven by factors like deregulation and AI-related disruption and consolidation.</p> 1861<p>We are watching fundamentals, rating agency outlooks and pricing within BBB names in particular. We expect to see downgrades return to more historically normal levels of $40 billion to $50 billion per year.</p> 1862<h3>Getting Ahead of Future Downgrade Waves May Be an Optimal Strategy</h3> 1863<p>In our view, total returns over recent years offer potential evidence that the fallen angel market may provide value even absent a wave of downgrades. Importantly, we do not expect higher downgrades to coincide with higher defaults. We expect default rates in high yield and fallen angel markets to remain contained, as we believe the economic environment and corporate fundamentals should remain robust.</p> 1864 1865</div> 1866 1867 1868 1869 1870</div> 1871<div class="imcontainer section"><div> 1872 1873 1874 <section class="module"> 1875 <div> 1876 1877 1878 1879 1880 1881 1882 1883 <div class="col-md-7 col-sm-12"> 1884 <div><div class="imcontainer section"><div> 1885 1886 1887 1888 1889 <section class="module lightTeal"> 1890 <div class="wrapper"> 1891 1892 1893 1894 <div class="richtextbox text section"> 1895 1896 1897 1898 1899 1900 1901 1902<div style="padding:0 20px;"> 1903 1904<h1 style="font-family:druk, font-druk; color:#05687f"><span style="color:#000">ABOUT</span> INSIGHT INVESTMENT</h1> 1905 1906<p>Insight Investment is a leading global investment manager and fixed income specialist firm within BNY Investments.</p> 1907 1908</div> 1909 1910 1911 1912</div> 1913 1914 1915 1916 1917 1918 </div> 1919 </section> 1920 1921 1922 1923 1924 1925 1926</div></div> 1927 1928</div> 1929 </div> 1930 1931 1932 1933 <div class="col-md-5 col-sm-12"> 1934 <div> 1935</div> 1936 </div> 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 </div> 1947 </section> 1948 1949 1950 1951 1952 1953 1954 1955 1956</div></div> 1957<div class="disclosureText section"> 1958 <section class="module"> 1959 <div class="terms"> 1960 <div class="terms-normal"> 1961 <p><p><b>Endnotes</b></p> 1962<p>1. Insight Investment, BDCs as a Fallen Angels Opportunity, May 2026. Business development companies (BDCs) are publicly traded vehicles that finance small and mid-sized private companies, passing most income to shareholders as dividends.</p> 1963<p>2. U.S. Bureau of Economic Analysis, May 2026.</p> 1964<p>3. Source: Goldman Sachs, M&A Volume Expected to Surge This Year Despite Economic Uncertainty, April 2026.</p> 1965<p>Â </p> 1966<p>Appendix</p> 1967<p><b>Credit spread</b> is the difference in yield between a bond and a comparable ârisk-freeâ government bond (typically a U.S. Treasury) of the same maturity. <b>Credit spread</b> return is the gain or loss resulting from the narrowing or widening of a bondâs credit spread. Interest rate return is the portion of a bondâs total return that results from changes in market interest rates. Fallen angels are bonds that were originally issued as investment grade but have since been downgraded to high yield (or âjunkâ) status by a major credit rating agency. <b>Fallen angels</b> have longer maturities, so when spreads tighten, their prices rise more than shortermaturity high yield bonds â amplifying returns.</p> 1968<p><b>Bloomberg U.S. High Yield Fallen Angel Index</b> Tracks U.S. bonds originally issued as investment grade that have since been downgraded to high yield status. <b>Bloomberg U.S. High Yield Fallen Angel 3% Capped Index</b> Tracks U.S. bonds originally issued as investment grade that have since been downgraded to high yield status, but limits any single issuer to 3% of the index to reduce concentration in any one company. <b>Bloomberg U.S. Corporate High Yield Index </b>Tracks the broad US high yield corporate bond market, or bonds rated below investment grade (BB or lower). <b>Bloomberg U.S. Corporate Index</b> Tracks the U.S. investment grade corporate bond market, or bonds rated BBB or higher. <b>Morningstar LSTA U.S. Leveraged Loan 100 Index </b>Tracks the 100 largest leveraged loans in the U.S., or floating-rate loans made to below-investment grade companies. Investors cannot directly invest in any index.</p> 1969<p>âBLOOMBERGâ and the Bloomberg indices listed herein (the âIndicesâ) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (âBISLâ), the administrator of the Indices (collectively, âBloombergâ) and have been licensed for use for certain purposes by the distributor hereof (the âLicenseeâ). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products named herein (the âProductsâ). Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Products.</p> 1970<p><b>Risks</b></p> 1971<p><b>Bonds</b> are subject generally to interest-rate, credit, liquidity, call and market r
1971isks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines. <b>Investment grade </b>is a rating of fixed-income bonds, bills, and notes by credit rating agencies.</p> 1972<p>Bond ratings reflect the rating entityâs evaluation of the issuerâs ability to pay interest and repay principal on the bond on a timely basis. Bonds rated BBB/Baa or higher are considered investment grade, while bonds rated BB/Ba or lower are considered speculative as to the timely payment of interest and principal. Credit ratings reflect only those assigned by Nationally Recognized Statistical Rating Organizations (NRSRO) that have rated fund holdings. Split-rated bonds, if any, are reported in the higher rating category.</p> 1973<p><b>Important information</b></p> 1974<p><b>All investments involve risk, including the possible loss of principal. Asset allocation does not guarantee investment returns and does not eliminate the risk of loss.</b></p> 1975<p>This material has been provided for informational purposes only and should not be construed as investment advice or a recommendation of any particular investment product, strategy, investment manager or account arrangement, and should not serve as a primary basis for investment decisions. Prospective investors should consult a legal, tax or financial professional in order to determine whether any investment product, strategy or service is appropriate for their particular circumstances. Views expressed are those of the author stated and do not reflect views of other managers or the firm overall. Views are current as of the date of this publication and subject to change.</p> 1976<p>This information contains projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.</p> 1977<p>Investment advisory services in North America are provided by Insight North America LLC, a registered investment adviser and regulated by the U.S. Securities and Exchange Commission (SEC). Insight North America LLC is associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as âInsightâ or âInsight Investment.â Insight is a subsidiary of BNY.</p> 1978<p>BNY Investments is the brand name for the investment management business of BNY and its investment firm affiliates worldwide. BNY is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.</p> 1979<p><b>NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE</b></p> 1980<p>©2026 <b>THE BANK OF NEW YORK MELLON CORPORATION</b></p> 1981<p>MARK-979339-2026-07-31</p> 1982</p> 1983 </div> 1984 </div> 1985 </section> 1986 1987 1988 1989</div> 1990 1991 1992 1993 1994 1995 </div> 1996 </section> 1997 1998 1999 2000 2001 2002 2003 2004 2005</div></div> 2006<div class="richtextbox text aem-GridColumn aem-GridColumn--default--12"> 2007 2008 2009 2010 2011 2012 2013 2014<link rel="stylesheet" href="/content/dam/im/web/assets/bny_local_fix.css"> 2015 2016<style> 2017.bny_code { height:50px; } 2018 2019.mp_text { font-size:21px; } 2020h3 { font-size:24px !important; font-weight:bold !important; } 2021p.source { line-height:16px !important; } 2022</style> 2023
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