Credit Asset
Overview
Strategy Details
25% Bloomberg 2% Capped High Yield Issuer Index and 25% Morningstar LSTA US Leveraged Loan Index
Available Vehicles
- Institutional Separate Account
- Commingled TrustCommingled trust may include a collective investment trust, an institutional-only investment structure that is exclusively available to qualified retirement plans which meet certain eligibility requirements. A collective investment trust is not available to retail investors or the general public. For more information, qualified retirement plan sponsors should reach out to their Loomis Sayles Relationship Manager.
Portfolio Managers
Kevin Kearns
Portfolio Manager, Head of Alpha Strategies
Andrea DiCenso
Portfolio Manager
Tom Stolberg, CFA
Portfolio Manager
Associate Portfolio Manager3
Mark LaRochelle, CFA
Associate Portfolio Manager, Investment Strategist
About the Team
A multi-asset investment platform built on the integration of fundamental insight and quantitative innovation.
Investment Strategy
- Multi asset credit (MAC) strategy that seeks to capture credit risk premiums in markets that we believe can offer strong risk-adjusted return potential over a full market cycle
- Asset allocation determined by evaluating the current stage of the credit cycle and the attractiveness of the various sectors
- Top-down analysis driven by real-time market data, economic releases, and market technicals, coupled with our quantitative models
- Bottom-up analysis is driven by the portfolio management team’s daily interaction with sector teams and the insights the teams generate
- Duration: 0-7 years
- Max industry: 25% (excluding Government or Agencies)
- Max issuer: 5% (excluding Government or Agencies)
- Quality Range: Aaa-Caa
- Maximum below investment grade: 100%
- Currency: US dollar only; allows 10% non-USD denominated investments hedged back to USD*
- Leverage: None; not including use of futures for duration and interest rate management
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 2.32% | 2.20% | 2.38% |
| Year-To-Date | 6.67% | 6.31% | 6.41% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 5.97% | 5.49% | 5.43% |
| 3 Years | 8.64% | 8.16% | 8.81% |
| 5 Years | 3.84% | 3.38% | 3.31% |
| 10 Years | 5.36% | 4.89% | 4.51% |
| Since 5/1/2009 | 7.00% | 6.52% | 6.17% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 5.85% | 5.38% | 5.34% |
| 2023 | 9.08% | 8.60% | 11.00% |
| 2022 | -9.40% | -9.81% | -10.95% |
| 2021 | 3.63% | 3.17% | 2.07% |
| 2020 | 10.32% | 9.83% | 7.54% |
| 2019 | 13.14% | 12.64% | 13.03% |
| 2018 | -1.20% | -1.65% | -1.64% |
| 2017 | 7.35% | 6.87% | 6.11% |
| 2016 | 12.15% | 11.65% | 9.83% |
| 2015 | -2.36% | -2.80% | -1.59% |
Documents
3Associate Portfolio Managers do not have discretion over the strategy.
*Non-US Dollar-denominated investments may not exceed 10% of the Composite, excluding the Senior Loan Fund, LLC, which allows for up to 5% of its total assets in senior loans denominated in currencies other than USD.
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, Derivatives Risk, Leverage Risk, Counterparty 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 $75 million managed by Loomis Sayles that seek to maximize return potential by investing in what we consider to be attractive issuers in the investment grade credit, high yield credit, bank loan and securitized markets based on the current phase of the credit cycle. Asset allocation is determined by evaluating the current stage of the credit cycle and the attractiveness of the various sectors. Interest rate duration is managed from zero to seven years. Exposure to non-USD denominated investments is permitted up to 10% and is hedged back to USD. The Composite inception date is May 1, 2009. The Composite was created in September 2010