

Familial Bonds

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High-yield bonds are in a multi-year funk, but investors of the $1.7 billion Northeast Investors Trust fund aren't losing sleep over it. That's because the father-and-son team of Ernest and Bruce Monrad, who co-manage the 52-year-old, Boston-based fund, have steered clear from what ails the market: technology and telecommunications.

With absolutely no exposure to either sector, it's little wonder that the fund is outpacing 96% of its peers so far this year, according to Morningstar, the mutual-fund tracker. And it's the best-performing...