I have owned OSTIX for some time now and have been pleased with its low volatility and steady performance. It has a solid allocation to shorter duration, mostly non-investment grade bonds.
I am thinking of adding a bit more high yield, want to extend duration a little, and have been looking at AYBDX. I like the 3.5 year duration and low AUM, but noticed that the credit quality on 67% of the bonds are rated B, compared to 39% in OSTIX. Also, OSTIX has 21% in cash, while AYBDX is 100% in bonds.
Any thoughts on AYBDX would be appreciated.