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T Rowe HY veteran: Why I'm wary of first time issuers

by Luca Rossi on Jul 15, 2014 at 15:05

On the opposite end of the spectrum, Della Vedova is underweight automotive companies, as he sees the market already pricing-in a recovery of these businesses.

‘The automotive sector is dominated by the so-called fallen angels, companies such as Peugeot, Renault and Fiat, which are still very weak but slowly recovering,’ he said.

Della Vedova returned 17.3% over the last year, 4 percentage points more than BofA Merrill Lynch Euro High Yield TR index over the same timeframe.

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