Should I invest in a fixed income UT now?

There is no right 'time' per-se for investing, but you will have to understand the asset class before you start investing.

Asian High Yield funds are basically investing in non-investment grade bonds. Some of the funds have a small portion in investment-grade corporates. Some of the key risks will be default risk and interest rates risks. If you are okay to take on such risks, these bond funds can be part of your portfolio. Even in a crisis, the drawdown of bonds will be lower than equities.

Do consider also the allocation of your portfolio to other asset classes. The key will be to be a risk-managed portfolio with asset classes that are not directly correlated to each other. Your ability to take risks, your investment objectives and your time horizon will play a part in determining your portfolio.

Before you think about what to invest, you need to decide your investment objectives first. Are you investing for capital appreciation or income? What are your time horizon and risk preference? These play an important part in asset allocation.