Bond buyers left bemoaning 13% returns after oil’s wild comeback

NEW YORK: Last year, the biggest winners in the high-yield bond market were investors who eked out any positive gains. This year, even returns of 15% aren’t enough to make the top rank.

Blame commodities. Even investors who notched double-digit returns wound up trailing their benchmarks because they failed to take a chance on enough beaten-up energy and mining company bonds at the February bottom.