Emerging high yield market commentary EM HY performed pretty strong in the past month, their spread is relatively tight compare to other fixed income products, but the economy and corporate fundamentals is getting weaker in the same time. It seems dollar is getting another round of rally (thanks mostly for ECB officer implies that they may expand ECB QE in the near future), commodities weaker again, inflation seems hit its trough and may bounce back going after (warning from El Nino effect), and Fed will hike in this year. Besides, after recent continuous redemptions, the fund’s position level is raising obviously, I think we should start to prepare for the selloff, especially the valuation and fundaments divergence recently. I am thinking decrease holding level close to 50% and wait for another entry point to come.