Waddell & Reed High-Income AUNHIX

Morningstar Rating

Fund Research and Analysis

by Harry Milling

Despite a promising new manager, Waddell & Reed High-Income is still too costly.

Bill Nelson has led this fund for about a year, but he's continued the successful but cautious approach of the previous manager Louise Reike--only with a twist. The Read more

Kudos

Sensible strategy.

Manager, though new to this fund, is experienced. Read more

Risks

Expense ratio has climbed sharply since the early 1990s, and the A shares carry one of the highest front loads in the category.

A manager change has interrupted the fund's impressive long-term record. Read more

Strategy

Bill Nelson retains the core strategy of former longtime manager Louise Reike, who usually kept the portfolio's credit profile near the category average and placed more attention on avoiding mistakes Read more

Management

After managing this fund for more than 18 years, Louise Reike has retired. She worked at Waddell & Reed since 1971 and, prior to taking over the fund, served as a fixed-income analyst for 11 years. Bill Nelson replaced her on April 1, 2008, and Read more

Inside Scoop

This fund usually keeps a limit on exposure to the riskier areas of the junk-bond market, keeping its credit profile largely in line with its high-yield peers'. Instead, Read more

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