Care to elaborate for those of us who don't keep up with the high yield bond fund?  Looking at the past performance, the high yield bond fund seems to be doing quite well.  Its one year return is negative, but that's a lot better than other funds that have been hammered holding complex derivatives. 

 What is Vanguard's problem with the management style?  I always thought Vanguard wanted a conservative type manager at this fund who will invest only in the upper end of the high yield marketplace and stay away mostly from newer type securities and derivatives.  The fund will lag during good times, but shines during moments of crises and risk aversion.