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Byline: Steven Syre and Charles Stein
Jan. 17--Sometimes success is defined as being in the right place at the right time. On other occasions it's better just to be as far away from disaster as possible.
Margaret Patel and her Pioneer High Yield fund fall into the latter category. Patel has risen to the top of the junk bond mutual fund world over the past three years by avoiding the kinds of disastrous investments that have sunk many of her competitors.
In high-yield debt markets, that means bonds sold by telecommunications companies which have gone belly up or are fighting for their lives today. Like telecom stocks, many of the bonds issued by those companies have plunged in value or defaulted.
Patel has steered the $1.25…