At the very least, returns will pale in comparison with the 15% achieved in 2012, analysts and investors say.

分析师和投资者们说，垃圾债券今年的投资回报率往最好说也无法像2012年那样达到15%。

'It's probably the tail-end of this run,' said Kathy Jones, a fixed-income strategist at retail broker Charles Schwab Corp.

散户经纪商嘉信理财(Charles Schwab Corp.)的固定收益策略师琼斯(Kathy Jones)说，这一波垃圾债券价格上涨行情目前可能已处于强弩之末。

That is creating a dilemma for many fund managers. Most say they still want to own junk bonds, in large part because they yield some five percentage points more than U.S. Treasury bonds. As well, companies will likely benefit as the economy improves, they argue.

这种局面正在给许多基金经理人制造着两难处境。他们大多数人都说，自己依然想持有垃圾债券，这很大程度上是因为垃圾债券的收益率比美国国债收益率高五个百分点左右。他们认为，随着经济形势的改善，企业的经营状况预计也会从中受益。

But with so few bargains left, many fund managers are rethinking what and when they buy.

但由于市场上便宜的垃圾债券已所剩无几，许多基金经理正在重新思考购买什么垃圾债券以及何时购买的问题。

Tom O'Reilly, who co-manages $22 billion of high-yield investments at Neuberger Berman Group, says he has been selling lower-rated companies and buying higher-quality ones, raising the average credit rating of his investments above that of the index he tracks.

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