HYGV: A Faster-Based Approach to High Yield Investment

The key to high yield bonds is that 100% of your total return comes from the yield over time. Yield is the portion that you want to be in, but what you don't want to do is fall into these yield traps and just buy the largest yielding positions. Last year, we didn't have a default in the portfolio, which is exceptional. Can't guarantee that would happen every year,. We're going to eliminate the lowest 10% of illiquid positions where the majority of defaults lie.