Retail funds have poured $12 billion into the high-yield market since the start of the year, helping to bring about the biggest fall in distressed debt for 11 years.
The first signs of the rally began last October. Since then, the market has seen volumes of $1 billion almost every week. Even the outbreak of war barely dented the rally.
The large influx of money from mutual funds and retail investors has made the biggest impact. Mutual funds now account for roughly 15–20% of the market. David