With Treasury yields low and the stock market volatile, high-yield bonds have made a comeback.
"It really comes down to the alternative — are you going to put your money in Treasurys?" asked fund manager Raymond Kennedy of Hotchkis and Wiley High Yield Fund.
"That’s not really a good alternative. Otherwise, you‘ll have to stretch for going overseas, which is not a good decision at this point, or it’s equities. Really, high yield becomes the default safe-asset class."