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53 WAFMX Frontier Markets Frontier markets also underperformed. Fixed Income So much for thinking that 2016 would finally see the end of the great bond bull Bonds outperformed equities as interest rates went lower and Europe and Japan sovereign bonds moved to negative interest rates. AGG Bond Aggregate IEF 5-7yr Treasury TLT 20yr Treasury JNK High-Yield Long-term treasury bonds outperformed short and intermediate maturities. The high-yield market experienced a serious leg down during the 1st Quarter over concerns regarding lending to and refinancing in the oil and gas sector but recovered the majority of losses by the end of the 1st Quarter.