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After a volatile Q1, fallen angels bounced back sharply in Q2 2026, outperforming broad high yield by 1.23%, as geopolitical de-escalation and tighter spreads drove strong returns.
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02 July 2026
The discount of XMPT's underlying muni CEFs has been a historically reliable entry signal. Wide discounts have historically preceded strong returns. Tight readings may suggest waiting for the next shock.