UBS Global Wealth Management is taking profit in Asian high yield (HY) as the asset class continues trending upwards, pushing its valuation back to the five-year average. Asian HY recorded another strong month, gaining 2.7% in March and bringing the year-to-date performance to 7.8%. Accordingly, HY spreads have tightened by 120 bps since January’s peak of 623 bps. “The segment’s…