VWEHX focuses on high-yield, high-risk "junk" bonds, targeting corporate debt with lower credit ratings (below Baa). At least 80% of assets are in sub-Baa bonds, with a cap of 20% in lower-rated bonds and other securities. The fund's investments typically have short to intermediate maturities, reflecting a higher risk/reward profile that is sensitive to macroeconomic shifts affecting credit markets, liquidity, and default rates, especially in stressed economic conditions.