The average maturity is 7 years and the duration is about four years. This is relatively long for us, and it is a deliberate attempt to pick up upside if bond yields come back down. As you know, bonds move more as maturity lengthens, so we are positioning the fund to capture more movement. That has changed since yields are so high. We have big positions in gaming, energy, chemicals and paper.
Gaming is a very stable business, and is now perceived as a safe haven in high yield.
We also built up a big position in the energy sector in 1999, when oil prices were low and yields on energy bonds soared. We are now unwinding some of that exposure because energy yields have come way back down. The direct answer is that we need to see yields lower on high yield bonds in general. Probably the best way to get there is for the funds to stop seeing outflows. This happened in 1998, when yields soared in response to the Asian crisis.