10 Questions With Janus High Yield's Sandy Rufenacht

You might not know Sandy Rufenacht's name, but he's a solid example of the New Economy's reversal of fortune.

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As the Nasdaq bubble inflated, Janus' tech-heavy growth funds took off, drawing oceans of ink and money. All the while, Rufenacht was quietly beating his average peer each year since the (JAHYX Quote)Janus High Yield fund was launched in 1996.

While many high-yield funds are in the red over the past three years, he has mostly steered clear of bombshells such as the telecom sector and Enron(ENE Quote) -- blowups that hurt many of his stock-picking colleagues at Janus. Last week we heard from a gaggle of Janus stock fund managers. Now here's how the firm's style looks through the lens of a bond investor who has beaten them all over the past year.

Where is he investing today? Is there value in telecom now? When does he think the economy will pick up? Read on.

1. What's the case for investing in high-yield bonds today? ...