In today’s interest rate environment, fixed income investing is no easy task. The yield on U.S. Treasury notes is only 2.47%, not far off the recent lows of the past half-century. Meanwhile, reaching for yield is not attractive either. For example, the yield on high-yield bonds is only 5.55%, nearly 400 bps below its 20-year average. This hardly seems like fair compensation considering a typical high-yield bond has historically defaulted at a rate of 16% over a five-year period.