What made HOSIX great to this point is its SD. In terms of returns, HOSIX performed in line with HY bonds, hence my reference to BGHIX. What is unknown is how HOSIX will do when the space gets hit, and it inevitably will. What concerns me most is even looking at the structured space, other funds experienced significantly more volatility (the SD for CLOZ was 3.07 compared to 1.25 for HOSIX...and the max DD was 1.35 versus .16). Was this the result of better bond selection at HOSIX or the possibility that HOSIX has hard to price bonds such that volatility is masked when the bonds perform? Again, no one knows. I think I will still with JSVIX for now. Those guys from Semper have seen tough times before and that provides some comfort. Separate from these bond funds, I've been pretty impressed with BUYW in terms of risk v. reward. Good luck all!

What made HOSIX great to this point is its SD.

Nope. Both performance and risk/SD were great. That's 2 knockouts.
RPHIX has better SD than HOSIX but performance is far behind.
This is exactly what I'm looking for. Performance + lower SD. It doesn't mean I get the best performance; I get good risk-adjusted performance funds.
Remember, SD is based on monthly numbers and does not always show the volatility.
I don't invest in typical HY or EM, and if I do, it's only for weeks.
But if I'm looking for riskier funds, EGRIX, and APDPX would be top funds for me.
See 3+ years of EGRIX, APDPX, BGHIX
(

link).
You can also see YTD at (https://schrts.co/egqaVFzj)

The fact is that since the inception of HOSIX its CAGR is 8.97 versus 8.01 for BGHIX. I get the comparison over the past three years of the funds you listed on PV...but if you go back past 3 years you can look at how HOBIX compares to BGHIX (surrogate for the HY space) back to 2016. While I get that HOBIX is not HOSIX, if I recall correctly it was still a fund heavily invested in the securitized space. It's not such a pretty picture for HOBIX as BGHIX performed better overall, and even better compared to EGRIX, which shows how different times can yield very different outcomes.

You are concentrating on the wrong things:
* DT doesn't care about ONLY performance. He cares a lot more about performance and volatility for his own goals. BGHIX would never be an option.
* My style and goals are a bit different. I don't mind taking more risk/SD but only to a certain point. Investing in BGHIX long term for me would be rare. I'm looking for funds that have done well lately + very low SD. I'm also a slow trader. I don't care what BGHIX did 3-4-8 years ago. The fact remains that HOSIX did great during 2023-4.
* If I was looking to hold several years from today, I would hold EGRIX, not BGHIX. Of course the future is unknown, which is why I have never committed to holding since 2000 while I see better funds.

What made HOSIX great to this point is its SD. In terms of returns, HOSIX performed in line with HY bonds, hence my reference to BGHIX. What is unknown is how HOSIX will do when the space gets hit, and it inevitably will. What concerns me most is even looking at the structured space, other funds experienced significantly more volatility (the SD for CLOZ was 3.07 compared to 1.25 for HOSIX...and the max DD was 1.35 versus .16). Was this the result of better bond selection at HOSIX or the possibility that HOSIX has hard to price bonds such that volatility is masked when the bonds perform? Again, no one knows. I think I will still with JSVIX for now. Those guys from Semper have seen tough times before and that provides some comfort. Separate from these bond funds, I've been pretty impressed with BUYW in terms of risk v. reward. Good luck all!

What made HOSIX great to this point is its SD.

Nope. Both performance and risk/SD were great. That's 2 knockouts.
RPHIX has better SD than HOSIX but performance is far behind.
This is exactly what I'm looking for. Performance + lower SD. It doesn't mean I get the best performance; I get good risk-adjusted performance funds.
Remember, SD is based on monthly numbers and does not always show the volatility.
I don't invest in typical HY or EM, and if I do, it's only for weeks.
But if I'm looking for riskier funds, EGRIX, and APDPX would be top funds for me.
See 3+ years of EGRIX, APDPX, BGHIX
(

link).
You can also see YTD at (https://schrts.co/egqaVFzj)

The fact is that since the inception of HOSIX its CAGR is 8.97 versus 8.01 for BGHIX. I get the comparison over the past three years of the funds you listed on PV...but if you go back past 3 years you can look at how HOBIX compares to BGHIX (surrogate for the HY space) back to 2016. While I get that HOBIX is not HOSIX, if I recall correctly it was still a fund heavily invested in the securitized space. It's not such a pretty picture for HOBIX as BGHIX performed better overall, and even better compared to EGRIX, which shows how different times can yield very different outcomes.

What made HOSIX great to this point is its SD. In terms of returns, HOSIX performed in line with HY bonds, hence my reference to BGHIX. What is unknown is how HOSIX will do when the space gets hit, and it inevitably will. What concerns me most is even looking at the structured space, other funds experienced significantly more volatility (the SD for CLOZ was 3.07 compared to 1.25 for HOSIX...and the max DD was 1.35 versus .16). Was this the result of better bond selection at HOSIX or the possibility that HOSIX has hard to price bonds such that volatility is masked when the bonds perform? Again, no one knows. I think I will still with JSVIX for now. Those guys from Semper have seen tough times before and that provides some comfort. Separate from these bond funds, I've been pretty impressed with BUYW in terms of risk v. reward. Good luck all!

What made HOSIX great to this point is its SD.

Nope. Both performance and risk/SD were great. That's 2 knockouts.
RPHIX has better SD than HOSIX but performance is far behind.
This is exactly what I'm looking for. Performance + lower SD. It doesn't mean I get the best performance; I get good risk-adjusted performance funds.
Remember, SD is based on monthly numbers and does not always show the volatility.
I don't invest in typical HY or EM, and if I do, it's only for weeks.
But if I'm looking for riskier funds, EGRIX, and APDPX would be top funds for me.
See 3+ years of EGRIX, APDPX, BGHIX
(link).
You can also see YTD at (https://schrts.co/egqaVFzj)

What made HOSIX great to this point is its SD. In terms of returns, HOSIX performed in line with HY bonds, hence my reference to BGHIX. What is unknown is how HOSIX will do when the space gets hit, and it inevitably will. What concerns me most is even looking at the structured space, other funds experienced significantly more volatility (the SD for CLOZ was 3.07 compared to 1.25 for HOSIX...and the max DD was 1.35 versus .16). Was this the result of better bond selection at HOSIX or the possibility that HOSIX has hard to price bonds such that volatility is masked when the bonds perform? Again, no one knows. I think I will still with JSVIX for now. Those guys from Semper have seen tough times before and that provides some comfort. Separate from these bond funds, I've been pretty impressed with BUYW in terms of risk v. reward. Good luck all!

I wouldn't laugh. HOSIX earned basically it's coupon return plus a bit of capital appreciation since inception. Just a bit better total return compared to BGHIX since inception. What gives HOSIX it's high Sharpe is the low SD...but in comparing HOSIX to other funds since inception its NAV hardly declined at all even when other funds experienced significant DD. I can only attribute that to my assumption that HOSIX's assets are hard to value and probably not marked down on a daily basis. I could be wrong, of course, and that's why I'm considering the fund. Another issue is the small number of holdings. It has 129 holdings compared to 864 at JSVIX. A few defaults in HOSIX could be impactful, again think ZEOIX.

HOSIX vs BGHIX = so far away. The Sharpe tells it as clear as can be. BGHIX SD is so much higher.
HOSIX did well because markets were great for that kind of bonds. Just like CLOZ, a simpler CLO, did great.
Why did PIMIX do great from 2010 to 2018? because Pimco bought busted MBS in 2009.
I never invested in CLO, but I did for about 20 months.
I never invested directly a lot in a foreign bond fund, but I did in 2025.
This is why flexibility matters most. Invest in what markets give you.

I wouldn't laugh. HOSIX earned basically it's coupon return plus a bit of capital appreciation since inception. Just a bit better total return compared to BGHIX since inception. What gives HOSIX it's high Sharpe is the low SD...but in comparing HOSIX to other funds since inception its NAV hardly declined at all even when other funds experienced significant DD. I can only attribute that to my assumption that HOSIX's assets are hard to value and probably not marked down on a daily basis. I could be wrong, of course, and that's why I'm considering the fund. Another issue is the small number of holdings. It has 129 holdings compared to 864 at JSVIX. A few defaults in HOSIX could be impactful, again think ZEOIX.

If your sample size is 3 years, fine. Over 10 years BGHIX outperformed QQMNX with a CAGR of 8.18 vs 7.24 and a sharpe ratio of .84 vs .61 and max drawdown of 13.29 vs. 18.27 (it's this last number that's most concerning). All that being said, I've decided to take a chance on this one.

The reason I picked 3 years is because a new management team took over QQMNX in 2021. So far so good. But, "Past results are not a guarantee of future results....".
Good luck.

That's my worry with QQMNFX. Is the risk/reward that much better than a solid bond fund particularly if rates fall as "expected"?
BGHIX would be one example that I've been in since before the managers joined BrandywineGlobal.

Sorry, but a quick glance at BGHIX's Standard Deviation of 7.7% and a 3-year total return of only 4.2% doesn't qualify the fund to be on my personal watch list. If I invest in bond funds, I prefer funds like ICMUX or CBLDX, for example, that have significantly better risk/reward profiles than BGHIX.
By the way, QQMNX, which has a slightly higher SD than BGHIX, 8.6% v. 7.7%, has a 3-year total return of 14.4%, a difference of over 10%. That's "much better" than any solid bond fund I am familiar with.

If your sample size is 3 years, fine. Over 10 years BGHIX outperformed QQMNX with a CAGR of 8.18 vs 7.24 and a sharpe ratio of .84 vs .61 and max drawdown of 13.29 vs. 18.27 (it's this last number that's most concerning). All that being said, I've decided to take a chance on this one.

That's my worry with QQMNFX. Is the risk/reward that much better than a solid bond fund particularly if rates fall as "expected"?
BGHIX would be one example that I've been in since before the managers joined BrandywineGlobal.

Sorry, but a quick glance at BGHIX's Standard Deviation of 7.7% and a 3-year total return of only 4.2% doesn't qualify the fund to be on my personal watch list. If I invest in bond funds, I prefer funds like ICMUX or CBLDX, for example, that have significantly better risk/reward profiles than BGHIX.
By the way, QQMNX, which has a slightly higher SD than BGHIX, 8.6% v. 7.7%, has a 3-year total return of 14.4%, a difference of over 10%. That's "much better" than any solid bond fund I am familiar with.

If you can name a "solid bond fund" with a similar risk reward profile, I will be happy to check it out.

BGHIX would be one example that I've been in since before the managers joined BrandywineGlobal.
Thanks for the information. I will check it out.

If you can name a "solid bond fund" with a similar risk reward profile, I will be happy to check it out.
BGHIX would be one example that I've been in since before the managers joined BrandywineGlobal.

FWIW....No advice from here for short term traders...but here are my three high yield bond fund holdings. They are distinct and have each treated me well: RPHIX (and RPHYX), CBLDX, and BGHIX.

I don’t own or track a single bond fund that has produced an average annual return approaching 5% over the past 5 or 10 years
Neither do I, but some posters here do track or own BGHIX / BGHAX. This fund has returned at least 5.5% annualized over the past five years.
Regardless, it's pointless to project past fixed income returns into the future. I don't know of any MMF that yielded 4% over the past several years, yet many taxable MMF now yield at least that much. Rates have risen.
Unlike CDs, you can readily sell Treasuries if you need the cash prematurely.
CDs that are purchased directly from an issuer often carry a put option. That is, you can redeem them (sell them back to the issuer) albeit with a penalty (strike price below par).
For example, you can save like a Senator via The United States Senate Federal Credit Union. It offers fixed rate share certificates (the CU equivalent of CDs) yielding more than5% for up to 3 years. Though they come with substantial loss of interest early withdrawal penalties.

It currently looks like my overall portfolio stock % per Fido will be about 65% after my once a year cash distribution has been completed at the start of 2022 (vs. about 67% in stocks at the start of 2021).
A couple of OEF updates. The Bond sleeve now includes SVARX, RCTIX, PEGAX, and ARTUX (a very new OEF with experienced managers). And, the Mixed Asset #1 portfolio sleeve has been partially updated -- holdings here are selected based on a combination of anticipated overall returns and anticipated volatility during significant market corrections. That sleeve now includes VWINX, BGHIX, PRSIX, and SUNBX (another very new OEF with experienced managers that I'm guessing makes sense to include in this sleeve.)
I don't know if it means anything. But, the total distributions from my OEF holdings were up substantially in 2021 -- perhaps as a result of OEF manager activity this year resulting from a combination of market anxiety and exuberance. The last similar annual uptick in my distributions was in 2007. And, 2008 turned out to be an eventful year!

After LOTS of screening and test driving in these areas:
Own ST/ST HY: LALDX (thanks to another poster, and that also lead me to research and own MS LBNDX) and RPHYX, both provide consistently boring, consistently positive TRs for monies awaiting a better home. IMO, these are two of, if not the very best for the job I assigned them: inch forward and don't lose me any money. RPHYX of course now closed.
Likely the next to be added to that group with similar pedigree: PFIIX/PFIAX.
Also own HY: BGHIX (owned it a while as DHHIX), VWEHX and FAGIX.
Others in ST/ST HY cat's that may come aboard: IOFIX, BUHFX, TUHYX, RCTIX.

I bought BrandwineGlobal High Yield (now BGHIX) when it was still at the Diamond Hill house (Diamond Hill HY, DHHIX) and purchased the institutional class with a low minimum (not sure exactly what it was, but sub six figures) at both vanguard and Fido. Guess they upped the minimum when BrandywineGlobal took charge.

Why not BGHIX? I've lived with this fund also HIXr years (including prior to the recent BrandwineGlobal affiliation), and its fantastic.

LMZIX is (pardon the redundancy) BrandywineGlobal Global High Yield, as opposed to BGHSX, BrandwineGlobal High Yield without the global in the fund name. Two different funds.
Fidelity charges nothing to sell TF funds. However, as Crash noted, BGHIX has got a $1M min at Fidelity and everywhere else I've looked. If you can spring for a $1M investment, I don't think you'll blink at a $49.95 TF when buying.
BGHAX is NTF with a low minimum at several brokerages, but not at Fidelity.
On a test trade: "A sales charge of up to 3.50% may apply."
https://fundresearch.fidelity.com/mutual-funds/summary/52472T734

Why not BGHIX? I've lived with this fund for years (including prior to the recent BrandwineGlobal affiliation), and its fantastic.

In this general space at this time I like WCPNX and LFLAX, and as always PIMIX (still my largest bond holding, trust earned over time even if performance is not the "best"). Going out on the HY limb I really like BGHIX, riskier but stellar.