Just been digging into high yield debt funds lately and honestly, they're pretty interesting for anyone tired of boring returns. So I found these three that keep showing up as solid performers - PIMCO High Yield Spectrum, Nuveen High Yield Income Fund, and Fidelity Series Floating Rate High Income Fund. All three have been crushing it with decent three-year returns around 10-11.5%, which is way better than what you'd get from regular bonds.

The thing about high-yield debt funds is they're basically spreading your risk across a bunch of lower-rated bonds instead of putting all your eggs in one basket. PIMCO's been returning 11.5% annualized over three years and they're heavy into miscellaneous bonds. Nuveen's at 10.8% and they're mixing in some unrated stuff too, but their managers say it's quality comparable to rated bonds. Fidelity's floating rate approach has been returning 10% and they've got Chandler Perine managing it since late 2022.

Obviously these high-yield debt funds come with more risk than investment-grade stuff, but that's kind of the trade-off you're making for better yields. The expense ratios are reasonable too - Nuveen's sitting at 1%. Not saying you should dump your whole portfolio into this, but if you're looking to squeeze out better returns without going full degen, these three seem worth a closer look. Anyone else been playing with high yield funds?