Philip Doyle Marret High Yield Strategies MHY.UN-T TOP PICK May 31, 2010

Junk bonds. Manager is a very strong manager of very high yield bonds. Macro outlook is very often bank on. Risk is defaults and credit spread widening. It is a long and short strategy.

Philip Doyle

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BUY

Very bright and well-proven managers of high yield and credit risks. Fees are decent at 1% plus a performance fee. First class choice for a high yield fund. You could also look at Hi Yield Corp Bond ETF (HYG-N). (High risk/high return.)

TOP PICK

High Yield Strategies Fund. Bit of a hedge fund packaged into a closed end fund. Liquid way to get access to a strategy of a hedge fund manager and their ability to get good credits as well to hedge out some of the interest rate risks.

TOP PICK

Bit of a hedge fund like strategy in a closed end fund. Focused on high yield securities (junk bonds) but being picked actively by a very good credit manager firm. Offers currency hedging on any US$ securities and offers the manager the potential to hedge out interest-rate risks.

PAST TOP PICK

(A Top Pick Feb 5/10. Up 8.5%.) Closed end fund that holds a portfolio managed by a fixed income manager known for expertise in high yield. Overlay this with a macro perspective of interest rates, currency and credit to manage risks. About 6.5% distribution.

BUY

Very good fund with skilled management. Won't be as correlated to rising rates as a conventional bond fund would be.

COMMENT

High-yield bond fund. Since 2010, the NAV has been reducing and so much so that this year it has triggered the annual conditional redemption right. If you own, he would proceed with the redemption. He doesn't like the sound of this very much even though he respects management immensely. Doesn't know what the problem is with the company.

COMMENT

Very strong historic track record but has been pretty volatile. If you have faith in the way the money is managed, you may want to continue to Hold.

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Philip Doyle Marret High Yield Strategies MHY.UN-T TOP PICK May 31, 2010

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