Propelled by yields that have been at 18-year highs for the past nine months, high-yield bond funds rose 23% in the first half of the year.

But managers of the funds don’t think those returns can be sustained. “There’s been a huge rally in high yield, with everyone repricing out the depression scenario,” said Fred Hoff, manager of the Fidelity High Income Fund, which rose 26% in the first half of the year. “I don’t think we’re going to double that return this year, though [it] should be very nice,” he told The Wall Street Journal.

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