Within IMA Sterling High Yield, Marlborough High Yield Fixed Interest has performed the best, returning 5.65 per cent on an investment taken out on 1 January.
Managed by Paul Reed, the fund aims to provide high income by investing in a portfolio of fixed, variable rate and index-related securities. It currently has a yield of 9.52 per cent.
More than two thirds of the fund’s $42m assets under management (AUM) are invested in Europe and the UK, but it also has holdings internationally, including 10 per cent in the Middle East and North Africa.
"People have been reallocating to the high yield bond sector because it is less interest rate-responsive than gilts, and has more correlation to the equity market," said Ben Willis, who advises at Whitechurch.
"Obviously there is good value in bonds too."
Schroder Monthly High Income is also performing well, returning 4.62 per cent to investors since the start of the year. The fund is managed by Trustnet Alpha Manager Adam Cordery and aims to achieve a high level of income from a diversified portfolio of debt securities.
Performance of funds vs sector since start of year
Source: Financial Express Analytics
In the poorly performing global emerging markets sector, Fidelity Emerging Markets has been the best of a bad bunch, only losing 6.09 per cent compared with losses of 8.43 per cent for the sector average.
The fund is headed by Nick Price and has £598m AUM invested primarily in basic materials, financials, and the telecom, media and technology sector. Electronics giant Samsung is its top holding, representing six per cent of the fund.
At the other end of the scale, Franklin Templeton Templeton Emerging Markets has lost a massive 12.95 per cent in the year to date.
The fund is managed by Mark Mobius, Dennis Lim and Tom Wu, and invests largely in the Pacific Basin region.
Performance of funds vs sector since start of year
Source: Financial Express Analytics
"It’s hardly surprising that global emerging markets are underperforming," added Willis.
"Investors are pulling their money from these regions after rapid growth in the markets and growing inflationary concerns. Economies are looking to tighten their monetary policy."