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The path of least disruption: responding to technological change in high-yield credit

Disruption is changing the face of many industries: electric and autonomous vehicles are threatening traditional car manufacturers, while the penetration of ecommerce is transforming consumer services.

In this issue of Spectrum, we explore how a wave of disruptive change has impacted the composition of global equity markets more severely than the high-yield bond market. We also explain the importance of active high-yield allocation to a risk-balanced portfolio in an investment landscape that is increasingly being upended by technological progress and business-model disruptions.

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