Overview
Overview
Our team has a pure focus on high yield securities, with a consistently applied investment process. Given the asymmetric risk/return profile of investing in high yield, we have a long-term outlook, paying constant attention to risk versus reward and downside risk mitigation.
Strategies
Strategies
“Our investment process keeps us disciplined. We focus on those high yield bonds which our research shows have a sufficient margin of safety.” — Maureen O'Callaghan, Portfolio Manager and Analyst
Insights
Insights
FEATURED INSIGHTS
High Yield 4Q 2025 Outlook
High yield credit continues its historic run, supported by strong fundamentals, renewed issuance, and steady demand. Yet with tight spreads and selective cracks emerging in leveraged markets, disciplined credit analysis remains essential.
High Yield 3Q 2025 Outlook
High yield markets continue to benefit from strong fundamentals and resilient demand, despite tighter spreads and limited new issuance. We believe attractive yields and improving credit quality support a constructive outlook.
High Yield 2Q 2025 Outlook
Read the teams latest outlook for the second quarter of 2025 below.
MacKay Moments - Using High Yield in an Uncertain Environment
How should asset allocators be thinking about high yield bonds as part of their toolkit in this uncertain environment of 2025?
1Q 25 High Yield Outlook
Technicals continue to be very supportive of US high yield market performance.
4Q 24 High Yield Outlook
With many risks in the financial market today, the team gives their outlook on the US High Yield Market.
Using High Yield in an Uncertain Environment
How should asset allocators be thinking about high yield bonds as part of their toolkit in this uncertain environment?
MacKay Moments - High Yield's Relative Value vs. Equities and Performance in Past Cycles
When we analyze high yield performance versus equities, we look at key valuation metrics such as the yield to worst of the high yield index.
MacKay Moments - High Yield's Resiliency: Leverage and Interest Coverage
As we assess the current high yield market, a key development stands out – its resiliency, even amidst a potential market slowdown.
High Yield Mid-Year Outlook
Stable fundamentals and reasonable valuations suggest that U.S. high yield market is better positioned than most fixed income asset classes due to its higher spreads, bigger coupons and shorter maturities.
The Case For a Strategic Allocation to High Yield
We believe the reset in fixed income prices provides a potentially unique opportunity for investors to de-risk their portfolios and benefit from lower expected volatility.
Unlocking Potential: High Yield Bonds for De-Risking
Joseph Maietta explores the evolution of the U.S. high yield market since 2008, its potential for de-risking portfolios in the current environment and its relative value compared to equities.
Using High Yield As An Equity Substitute to De-Risk Client Portfolios
Joseph Maietta and Craig Mepham discusses boosts in the high yield market, fundamentals and valuations, and relative performance against equities.
MacKay Shields High Yield Market Update – May 2023
Nate Hudson, Portfolio Manager at MacKay Shields shares his observations of the High Yield market for the first quarter of 2023.
Where are we in the High Yield market today?
Joseph Maietta on the MacKay Shields High Yield team breaks down his thoughts on the market today.
Default rates in the latest economic cycle
What default rates are the High Yield team expecting in the latest economic cycle?
Find Enduring Value in High Yield
Andrew Susser discusses the challenges faced in 2022 and the unseen risks that may present itself in 2023.