As discussed, the emerging markets asset class generated strong results during the fourth quarter. While US dollar-denominated emerging markets debt, as measured by the JP Morgan Emerging Markets Bond Index Global (EMBI Global), posted a 3.33% return over the period, local currency emerging markets debt, as measured by the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified (GBI-EM Global Diversified), posted an even stronger return of 4.13%.. The high yield bond market, as measured by the Bank of America Merrill Lynch US Cash Pay High Yield Constrained Index, returned 3.15% during the fourth quarter. High yield bond prices were supported by generally robust demand, solid corporate fundamentals and continued low defaults. From a ratings perspective, better-quality rating categories broadly underperformed lower-quality bonds, with the BB and B-rated segments lagging the CCC and below-rated segment.Performance Review
Strategic Global Income Fund, Inc. – Fund Commentary
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