Mark Notkin, portfolio manager of the $12.8 billion Fidelity Capital & Income Fund, the best-performing high-yield fund in the past five years, says the rally in junk bonds is over. His fund has delivered an average of 9.9% a year and is up 14% this year.

Since the beginning of 2009 through September of this year, investors have withdrawn $129.9 billion from U.S. equity funds and placed $55.1 billion into U.S. high-yield funds, according to EPFR Global.

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