As designed, BGB's portfolio is mostly non-investment grade or lower.

Source: https://seekingalpha.com/article/4569293-bgb-a-declining-nav-fund?source=feed_all_articles

If fear dominates, investors may rotate money out of riskier assets such as equities and non-investment grade bonds and seek shelter in higher quality bonds.

Source: https://seekingalpha.com/article/4587528-tlt-you-should-accumulate-2023?source=feed_all_articles

I’m earning 6.3 percent per annum on essentially a risk-free basis, with the only capital allocation risk being tied to non-investment grade short-term credits.

Source: https://seekingalpha.com/article/4638362-view-of-wall-street-storm-clouds-everywhere?source=feed_all_articles

In our opinion, pro-cyclical U.S. corporate bonds with non-investment grade ratings will outperform highly rated bonds, which means BlackRock Institutional Trust Company N.A. - iShares High Yield Bond Factor ETF is the ideal cyclical investment.

Source: https://seekingalpha.com/article/4572097-hydb-optimistically-backing-high-yield-corporate-bonds?source=feed_all_articles

SRLN invests in senior loans, which are almost always senior secured, floating rate loans issued by smaller, non-investment grade corporations.

Source: https://seekingalpha.com/article/4618135-3-floating-rate-etfs-for-income-investors-and-retirees?source=feed_all_articles