Fund Description

The fund seeks a high level of current income, with a secondary focus on capital appreciation, by investing predominantly in higher-yielding, lower-rated corporate bonds.

Strategy Statement

"The fund focuses on higher-yielding, lower-rated corporate bonds. We examine financial structure, cash flow, earnings prospects, market share and strategic positioning."


Glenn Voyles, CFA

Glenn Voyles, CFA®

  • Joined Franklin Templeton in 1993
  • Managed Fund Since 2015


Investment Philosophy

We believe that strong high-yield returns can be best sought through the disciplined application of a research-based approach that seeks to capitalize on inefficiencies across the high-yield market. Through rigorous bottom-up research, we seek to identify attractive income and total return opportunities with the potential to add value over a three- to five-year horizon.

Investment Process

Fundamental Analysis

  • Conduct independent, bottom-up analysis focusing on critical factors that affect a company's long-term performance, such as financial structure, cash flow and earnings prospects, products, market share and strategic positioning

Long-Term Outlook

  • Analyze securities whose projected return potential over three to five years surpasses the potential risk of adverse price movements or default

Seek Valuation Inefficiencies

  • Invest opportunistically in companies and sectors that are infrequently followed or are out of favor with the marketplace

Disciplined Approach

  • Seeks to adhere to a long-term strategy through changing market environments, supported by separate in-house risk management and quantitative research groups


Overall Morningstar Rating As of 06/30/2019

Rating Category: High Yield Bond

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Historical Morningstar Rating As of 06/30/2019

Years Ratings Funds
in category
4 Stars
1 Stars
2 Stars

Morningstar Style Box As of05/31/2019

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