The meltdown of Third Avenue Management at the end of the year only added pressure to a market already strained by a prolonged interest rate debate, multiplying regulatory concerns and global investment volatility.

Once steadfast high-yield bond funds have stumbled – the average 1-year return of the top 10 performers was -4.84%, Morningstar data shows. The same data shows that a decade ago, these funds had an average return of 5.95%.

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