How did the high yield market fare in 2018?

And what awaits investors in 2019?

2018 marked the return of volatility to high yield markets, and Kames' Mark Benbow expects 2019 will follow suit

The original assumption was that the "wobbles" in 2018 were largely limited to the auto sector, but we are starting to see further weakness in spaces such as US housebuilders and energy. Our belief that idiosyncratic stories will bring volatility to returns is starting to play out, and recent market moves suggest the market is in no mood to give deteriorating earnings the benefit of the doubt. While the last two years of returns has been beta driven, price action suggests bottom-up stock selection will be more important than at previous points in the cycle. T. Rowe Price's Orchard ...