Core Plus Full Discretion

The Core Plus Full Discretion strategy seeks to maximize total return through research driven security selection while managing downside risk through careful portfolio construction
Strategy Assets $42.3 billion As of 9/30/2025
Asset Class Fixed
Inception Date 1/1/1989

Overview

Strategy Details

Primary Benchmark
Bloomberg US Aggregate Index


Portfolio Managers

Matt Eagan, CFA

Portfolio Manager, Head of Full Discretion

35 yearsIndustry Experience
28 yearsTenure at Loomis Sayles

Brian Kennedy

Portfolio Manager

35 yearsIndustry Experience
31 yearsTenure at Loomis Sayles

Associate Portfolio Manager3

Bryan Hazelton, CFA

Portfolio Manager, Associate Portfolio Manager, Investment Grade Corporate Strategist

18 yearsIndustry Experience
14 yearsTenure at Loomis Sayles

About the Team

High-conviction, active credit investors focused on results.

$83.9B assets under management (as of 9/30/2025)

Investment Strategy

Composite Performance

Cumulative Total Return (%)
As of 9/30/2025
Period Gross Net Index
3 Months 2.48%2.37%2.03%
Year-To-Date 7.11%6.79%6.13%
Annualized Total Return (%)
As of 9/30/2025
Period Gross Net Index
1 Year 4.15%3.74%2.88%
3 Years 6.97%6.56%4.93%
5 Years 2.06%1.74%-0.45%
10 Years 4.03%3.72%1.84%
Since 1/1/1989 7.29%7.03%5.31%
Period Performance (%)
As of 9/30/2025
Year Gross Net Index
2024 3.49%3.08%1.25%
2023 7.98%7.55%5.53%
2022 -10.95%-11.14%-13.01%
2021 0.33%0.11%-1.54%
2020 11.77%11.47%7.51%
2019 9.44%9.13%8.72%
2018 0.15%-0.14%0.01%
2017 6.16%5.86%3.54%
2016 7.15%6.84%2.65%
2015 -1.99%-2.27%0.55%
Inception Date 1/1/1989

3Associate Portfolio Managers do not have discretion over the strategy.

Important Disclosures

Performance data shown represents past performance and is no guarantee of future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
 
KEY RISKS: Credit Risk, Issuer Risk, Interest Rate Risk, Liquidity Risk, Non-US Securities Risk, Currency Risk, Prepayment Risk and Extension Risk. Investing involves risk including possible loss of principal.
 
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
 
Investment vehicles may not be available to all investors and are subject to eligibility.

The Composite includes all discretionary accounts with market values at least $5 million managed by Loomis Sayles with the objective of maximizing total return through individual security selection with a 15% limit in high yield securities and use of out-of-benchmark sectors, including, but not limited to, non-US dollar denominated, emerging market debt, convertibles, securitized debt and bank loans. Yield curve and duration management provide additional tactical tools for the portfolio management team with strategic allocation to higher yielding credit sensitive sectors employing Loomis Sayles security level research and significant allocation to non-index sectors as primary sources of alpha. Tracking error is not explicitly targeted for this product, however, historically these portfolios have exhibited annualized tracking error of approximately 200-500 basis points. As of 1/1/2021 the Composite was redefined to include commingled vehicles, previously only separate accounts were included. The Composite inception date is January 1, 1989. The Composite was created in August 2003.