The 30yr is NOT an comparable benchmark & a "Good Job" for .70 bps isn't anything to cheer over, especially when underperforming the LL-Benchmark & having a yield thats NOT "High" per se, as compared to BKLN, SNLN, or High Yield funds, with similar rated debt instruments paying 200+ bps or more. The investment philosphy needs to adapt to the market & be maleable. Favoring a Cap size company, cash horde or credit quality can have benchmark swinging ramifications.
This fund theoretically should thrive in a rising rate environment, but until then & especially after '08s feeble performance, I'm ambivalent....