high yield

Said likelihood of recession is around 25%

Oil, industrials and banks dividends at risk

Steering clear of energy sector

Topping up exposure on weakness

Third Avenue froze withdrawals from $788m vehicle

To be listed on London Stock Exchange

Fund reaches three-year track record

Recognise boutiques and passive investing

Fund seeded with $21m

Rhys Davies, fixed interest deputy fund manager at Invesco Perpetual and manager of the City Merchants High Yield investment trust, explores what the recent rise in yields in the high yield market means for investors.