How high is the risk of investing in Fidelity china high yield fund that has been paying 8% dividend annually for last 5 years?

• This funds consists pure high yield bonds.
• Credit risks
• Risks will results in: stagnant price or depreciation. Total returns may be negative. Not sure if you are refering to the fund below.

Found the following paragraph on the fund's website: https://www.fidelity.co.uk/factsheet-data/facts...

"This fund seeks a high level of current income by investing primarily in high-yielding, sub-investment grade or non-rated debt securities of issuers that have their head office or exercise a majority of their activity in the Greater China region (including China, Hong Kong, Taiwan, and Macau). This region includes certain countries considered to be emerging markets. This fund will suit those investors seeking high income and who are prepared to accept the risks associated with this type of investment. The type of debt securities in which the fund will primarily invest will be subject to high risk and will not be required to meet a minimum credit rating standard. Not all securities will be rated for creditworthiness by an internationally recognized rating agency. The fund may invest its net assets directly in onshore China fixed income securities listed or traded on Eligible Markets in China. "

Translation:

"Give you higher income by lending money to some people. These people a bit dodge/sus. Don't know if they can pay back anot. But cause they so sus, so must charge them very high interest. Charge high interest then can give you high dividend.

They are really very sus one hor... Is not normal govt or legit people checking their credit rating. Is ownself check ownself. If they never return the money in the end, your money also bye bye. You want anot? If you not scared then pls carry on."

Seriously though, creditworthiness is very important when investing in debt securities (which appears to be the underlying holdings of this fund). Credit default is a real thing. Lack of regulation was one of the big problems contributing to the 2007 GFC. So please do due diligence and identify if you can take this kind of risk before investing. (Yes, this is risk, not volatility.)