Firstly, equities. The companies we invest in continue to pay their dividends, even when many others are cutting or suspending theirs and/or raising equity.
Recently we have had Sanofi, BMW and Danone all pay or announce their dividends. RDS paid its reduced dividend; and then we switched our holding into Total, which has held its dividend steady.
Most of our stocks have now gone ex-dividend or confirmed they are paying; so we are not expecting any surprises. The equities we own still yield a decent 5.2%, despite a run-up on stocks since the lows in March.
But we are not looking to add to our overall exposure. That is because, given the extraordinary support from central banks ('QE4ever') and the overall deleveraging, we expect credit to outperform equities.
Which credits, though? We continue to select companies which we believe either have defensive qualities or will be able to get through their sectoral challenges.
Despite high yield being fairly valued from a fundamental perspective, we think that strong support for the class will mean total returns - with a current 6% yield within Europe, for example - will provide decent yields and income.
We continue to favour financials. They have cut dividends quickly, as did the insurers, effectively forced to by the regulator. This is good news for investors in credit.
Also, this is not 2008 when banks were struggling for capital: they were in a very strong position going into this crisis.
Witness the fact that credit spreads for banks have moved broadly in line with corporates - unlike in 2008, when they ballooned.
We think they continue to provide a reasonable spread for the risks involved - and maintain our positions.
Of course risks abound: escalating defaults, corporate bankruptcies, consumption that may not recover fully for years.
But global central banks have made it clear they will support credit and sovereign bond markets for as long as it takes.
How that support is paid for in the end is a problem for the far future and for the taxes of those yet unborn.
In the meantime, the fund's income should be sustainable for the foreseeable.
Alex Ralph is manager of the Artemis High Income fund
• Central banks and governments are giving all markets huge support
• Many companies have strong balance sheets; are responding well
• Consumption will be much slower to recover than manufacturing
• Defaults are likely to grow, so stock selection remains critical