U.S. is Best Bond Bet, Says Top Fund Manager

High-yield bond investor focus is often on emerging markets. But on “Street Signs,” Pioneer Investments’ Andy Feltus, portfolio manager of the $2 billion Pioneer Global High Yield Fund, told CNBC’s Erin Burnett that there is more value in the U.S.

“Five years ago, we agreed that you should have been in emerging markets, but now we see the best values in the United States. You can get better yields in the U.S. for less risk, and that seems to be the obvious trade to me,” said Feltus. While he says the spreads are similar in the U.S. and Europe, he believes Europe is more leveraged.

Feltus likes Georgia Gulf, whose bonds trade below par and offer yield near 10%. He advises investors to look for low leverage and good yields.