Jonathan Stanley, a high-yield sector manager at Newfleet Asset Management, said managers who thought junk bonds were too expensive have an opportunity to scoop up beaten-down debt with yields above 10 percent.

One prospect is Halcon Resources Inc, which reported about $815 million in liquidity at the end of September. Perks' Franklin Income Fund held $281 million worth of Halcon bonds at the end of September. Since then, the price on Halcon bonds maturing in 2020 has dropped 27 percent.

Stanley said the bond market might be too pessimistic about Halcon.

"We're scrubbing the numbers and saying, with oil at $50 to $60 a barrel, who can survive? We're looking at Halcon closely," Stanley said.

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