VWEHX focuses on high-yield "junk" corporate bonds with higher risks and returns, targeting below Baa ratings. It must keep 80% of assets in such bonds, maxing out at 20% in lower-quality investments and various securities. Primarily investing in short- to intermediate-term maturities, it seeks to balance yield and credit risk. Economic downturns or rising interest rates might affect performance, given its high-risk profile.