{"id":23269,"date":"2025-12-05T11:17:28","date_gmt":"2025-12-05T10:17:28","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=23269"},"modified":"2025-12-05T11:17:28","modified_gmt":"2025-12-05T10:17:28","slug":"european-high-yield-matching-equities-over-the-long-run","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/european-high-yield-matching-equities-over-the-long-run\/","title":{"rendered":"European High Yield: Matching Equities Over the Long Run"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>As of November 30, 2025, the European high-yield segment is up 4.9%, on track for a third consecutive year of gains after returns of 8.5% in 2024 and 12.1% in 2023.<\/p>\n<p>Since its inception on December 31, 2006, the European High Yield Index excluding financials (HEAE Index) has delivered a cumulative return of 159% \u2014 almost matching the 166% gain of the European equity market (Stoxx Europe 600 NR) over the same period. Including financials (HE00 Index), the European high yield\u2019s cumulative performance rises to 178%.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-23270 size-full\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/12\/GDS-EN-0512.png\" alt=\"\" width=\"1176\" height=\"490\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/12\/GDS-EN-0512.png 1176w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/12\/GDS-EN-0512-300x125.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/12\/GDS-EN-0512-1024x427.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/12\/GDS-EN-0512-768x320.png 768w\" sizes=\"auto, (max-width: 1176px) 100vw, 1176px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>This comparison shows that over the long term (nearly 20 years in the example above), the performance of the European high-yield segment can be broadly equivalent to that of the European equity markets, posting an average annual increase of just over 5%.<\/p>\n<p>Another advantage of the high-yield segment is its lower volatility compared to the equity markets, both on a daily and on a monthly or annual basis. In times of market stress, its declines also tend to be more moderate. The year 2025 offers a good example: between February 28 and April 15, the Stoxx Europe 600 NR dropped 8.3%, while the High Yield Index (including financials) fell by only 2.0% over the same period.<\/p>\n<p>***<\/p>\n<p>Written on December 5 2025. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/macroeconomic-focus-november-2025\/\">Macroeconomic Focus \u2013 November 2025<\/a><\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of November 30, 2025, the European high-yield segment is up 4.9%, on track for a third consecutive year of gains after returns of 8.5% in 2024 and 12.1% in 2023.<\/p>\n","protected":false},"author":101016,"featured_media":23268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2222,2099,2540],"class_list":["post-23269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-equities","tag-europe-en","tag-high-yield-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>European 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