Where The Income Is: How Advisors Are Rebuilding Portfolios for a World Where Bonds No Longer Do the Heavy Lifting
In a world where bonds no longer do the heavy lifting, where should advisors look for income? In this webinar recorded on June 8, 2026, Polen Capital's Kevin Dolsen and John Sherman join Opal Capital's Austin Graff and Adam Mueller to discuss how the end of the 40-year rate tailwind is reshaping income portfolios. The panel covers dividend equities — both domestic and international — high yield credit, leveraged loans, private credit structures, and how to blend them into a deliberate, diversified income strategy.
Key Takeaways
The 40-Year Bond Tailwind Is Over
Four decades of declining interest rates made 60% equity/40% bond portfolios nearly self-correcting. That cycle has ended. Bond price appreciation can no longer be assumed, and income portfolios must be constructed deliberately – not on autopilot.
Diversify the Income Engine
No single income source works in every rate environment. A deliberate mix of fixed-rate high yield, floating-rate leveraged loans, and dividend equities gives portfolios resilience because each asset class responds differently when rates move.
Quality Beats Yield Grabs
Whether in high yield bonds (where 55% of the market is now BB-rated), secured leveraged loans, or dividend equities, a quality-first lens matters across every income category. Chasing the highest yields without selectivity introduces unnecessary risk.
Think Globally
International dividend equities offer higher starting yields, a different sector mix and dividend culture, and a built-in hedge against a weakening U.S. dollar. Advisors with U.S.-heavy portfolios may be missing a meaningful source of both income and diversification.
Polen's Income-Focused Product Suite
The webinar introduces five purpose-built income funds spanning the risk-return spectrum:
Polen Dividend Income ETF seeks to provide long-term capital appreciation and current income through investment in a focused portfolio of dividend-paying companies.
The strategy emphasizes high-quality businesses with durable competitive advantages, strong cash flow generation, and attractive dividend characteristics. DIVZ utilizes a disciplined, research-driven approach to identify companies believed to be positioned for sustainable income generation and long-term shareholder value creation within a transparent, tax-efficient ETF structure.
Polen International Dividend Income ETF seeks to provide long-term capital appreciation and current income through investment in a focused portfolio of international dividend-paying companies.
The strategy emphasizes high-quality businesses with durable competitive advantages, strong cash flow generation, and sustainable dividend characteristics. IDVZ utilizes a disciplined, research-driven approach to identify international companies believed to be positioned for long-term shareholder value creation within a transparent, tax-efficient ETF structure.
Polen High Income ETF (PCHI) seeks to offer a more liquid approach to our successful U.S. Opportunistic High Yield strategy, delivered in a flexible ETF format. Focused on generating high income and long-term capital growth, PCHI leverages our disciplined, time-tested investment process to identify higher-yielding opportunities in the high yield bond and leveraged loan markets—all while maintaining a risk-controlled approach.
The Polen Floating Rate Income ETF (PCFI) seeks to deliver the benefits of our proven Bank Loan strategy with the added flexibility and accessibility of the ETF format. Focused on generating high income, PCFI primarily invests in senior secured floating rate loans. This provides the security of seniority and collateral backing, along with a built-in hedge against rising interest rates.
The Fund’s investment objective is overall total return consisting of a high level of current income together with long-term capital appreciation. It seems to provide an attractive monthly income generation supported by a diversified income stream, with the benefits of diversification through low correlation to traditional fixed income and equity markets, and a diligent focus on risk through a multi-faceted, disciplined approach to identifying, managing, and mitigating risk.
Frequently Asked Questions Addressed in the Webinar
Important Notice & Disclaimer
This video has been prepared by Polen Capital without taking into account individual objectives, financial situations or needs. As such, this video is for informational purposes only and is not to be relied on as, legal, tax, business, investment, accounting, or any other advice. Recipients of this video should seek their own independent financial advice. Investing involves inherent risks, and any particular investment is not suitable for all investors; there is always a risk of losing part or all of your invested capital.
No statement herein should be interpreted as an offer to sell or the solicitation of an offer to buy any security (including, but not limited to, any investment vehicle or separate account managed by Polen Capital). This video is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
Unless otherwise stated in this video, the statements herein are made as of the date of recording, and the delivery of this video at any time thereafter will not create any implication that the statements are made as of any subsequent date. Certain information contained herein is derived from third parties beyond Polen Capital's control or verification and involves significant elements of subjective judgment and analysis. While efforts have been made to ensure the quality and reliability of the information herein, there may be limitations, inaccuracies, or new developments that could impact the accuracy of such information. Therefore, this video is not guaranteed to be accurate or timely and does not claim to be complete. Polen Capital reserves the right to supplement or amend this content at any time but has no obligation to provide the recipient with any supplemental, amended, replacement or additional information.
Any statements made by Polen Capital regarding future events or expectations are forward-looking statements and are based on current assumptions and expectations. Such statements involve inherent risks and uncertainties and are not a reliable indicator of future performance. Actual results may differ materially from those expressed or implied.
There is no assurance that any securities discussed herein are currently held in a Polen Capital portfolio nor that they are representative of the entire portfolio in which they are or were held. It should not be assumed that any transactions related to the securities discussed herein were (or will prove to be) profitable or that any future transactions will equal the investment performance of the securities discussed herein.
Past performance is not indicative of future results.
No part of this video may be divulged to any other person, distributed, and/or reproduced without the prior written permission of Polen Capital.