Since September last year, Australian investors have piled into defensive dividend-paying darlings in a bid to protect their capital. 

Think Aristocrat Leisure (ASX: ALL), which has seen its share price soar 23% year to date. Or ResMed (ASX: RMD), which has generated a return of 16% in just four months. Or Transurban (ASX: TCL) - which despite its recent selloff, is still up 13% in 2023 alone. 

But should you overpay to be defensive? 

In this episode, Livewire's James Marlay was joined by Plato Investment Management's Peter Gardner and Antares Equities' Andrew Hamilton for their analysis of three high-yield stocks that haven't enjoyed the re-rating of their peers over the past few months. 

Plus, we also asked them to name one high yield stock that hasn't seen its share price materially rise this year. 

Note: This episode was filmed on Wednesday 3 May 2023. You can read an edited transcript below: 

https://www.livewiremarkets.com/wires/buy-hold-sell-5-high-yielders-trading-at-compelling-prices