QLTA

The bond markets are in the midst of a feeding frenzy.U.S. high-yield bond sales reached an annual record of $329.8 billion for the year, with three months left to go.The high yield's market's record year follows the U.S. investment-grade bond market, which reached a new record for issuance in mid-August.

VWINX is an elite performer within its asset allocation peer group and has been for decades.It has still managed to achieve success recently despite the fact that large chunks of its bond and stock portfolio have been out of favor.VWINX has been underweight to both tech stocks and BB-rated corporates, both of which have cost the fund short-term performance.If the Fed bubble starts to leak and inflation begins to spike, both sides of VWINX's portfolio could stand to benefit.I'll break down both the fixed income and equity portions of VWINX and explain how they'd outperform in a higher inflation scenario.