Navigating through the high-yield sea of opportunities can be rough, as one has to be mindful of the high risk of defaults. That is why Paul Scanlon, the manager of the Putnam High Yield Advantage Fund, believes that it all comes down to sufficient expertise, resources, and a rigorous and risk-controlled process. The fund also relies on diversification and granularity to capture the opportunities and minimize the risks.

Investing in high yield bonds can be a rewarding experience if one takes the right approach. Aquila Three Peaks High Income Fund manager Sandy Rufenacht and his team believe that, if one does thorough research of every credit and limits the volatility, then the high yield asset class can generate superior total return in the longer term.

The threat of recession looming over credit markets where even fixed income risk sectors faced the worst period in history, is a very tough scenario. Yet the managers of Vintage Limited Term Bond Fund, Jeffrey D. Lorenzen and Kevin W. Croft seem to have succeeded by following an active risk budgeting investment process that gave them a yield advantage versus the benchmark and a portfolio of high credit quality holdings.

The Parnassus Equity Income Fund looks for companies that not only generate income, but are also socially responsible. Portfolio manager Todd Ahlsten and his team of six analysts are trying to identify the best businesses whose goods and services will be more relevant in the long haul than they are today. The fund’s philosophy lies on the premise that these businesses combined with secular tailwinds and reasonable prices can give investors appropriate returns.

One of the most dynamic markets in the world, Russia may be difficult to understand for outsiders, but is extremely rewarding for those who know it well. Ticker revisits John Connor, the manager of the Third Millennium Russia Fund, to find out that he still finds Russia an exciting market with improving governance. This year, however, the focus is on the domestic growth story, rather than on the traditional oil exports.