I run ladders with the goal being high current, reliable (long call/ no call) income followed by capital preservation. I have some below par bonds for total return, but that changes the taxation for muni bonds of which I hold a bunch. My yields in total are over 6.7%. The muni ladder is closer to 5%, but tax free.
I started to add duration and more non call or long call bonds in the last while as I believe the worst is over for rate increases. We might see a little more but nothing like what we have seen in the past. The last day or two all those recent buys have shot up substantially and are selling above par. If this latest tipping point isn’t the final one, it tells me when it finally does hit, any bond with duration and call protection with a good coupon will appreciate rapidly.