Bank loans finished a great year, ending 2023 up by +13.17% (as represented by the J.P. Morgan Leveraged Loan Index) after finishing 2022 down -0.63%. Over the two-year period, bank loans are up approximately +12%. Given this, it’s somewhat perplexing that many retail bank loan investors did not benefit from these higher yields. Retail redemptions in 2022 were -$12.7 billion, and in 2023, redemptions increased to -$17.7 billion.

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The J.P. Morgan Leveraged Loan Index is designed to mirror the investable universe of U.S. dollar institutional leveraged loans, including U.S. and international borrowers. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. The commentary is the opinion of the subadviser. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.

Past performance is no guarantee of future results.

All investments carry a certain degree of risk, including possible loss of principal.