High-Yield Stake Hurts Van Kampen Worldwide High Income

Van Kampen Worldwide High Income Fund's (MSWAX) shareholders are probably wishing it was just a little more pure-of-heart. 

This fund's slug of U.S. high-yield bonds means it doesn't look the same as its rivals in the emerging-markets bond category. Being different hasn't paid off, though. Bond markets in developing regions are on a tear for the third year in a row, and the average fund in the category has gained almost 3% for the year to date through April 5, 2001. This fund, on the other hand, has suffered for its exposure to the U.S.'s weak junk-bond market and has lost 2% of its value, lagging more than 90% of its peers.