Sentiment weakens on US high yield market

Last year saw record returns for US dollar high yield bond funds, but growing risk aversion by investors on the back of sovereign concerns has seen performance fall sharply and significant outflows from funds since the start of February.

According to fund research company Lipper, outflows from US high yield mutual funds and exchange traded funds (ETFs) totalled $984 million in the week ending February 12; the highest outflow since September 2005. Lipper also reports the net asset value of HY mut

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